Creative Audigy Soundcard - Recording Audio From Speakers

Hey Everyone,
I recently (today, actually) installed a sound card on my computer. Before, I was using a sound card that is built into the motherboard; this is my first PCI card. My friend has a live radio show and I used to be able to record it using Audacity, to record the audio coming from the speakers. With the new sound card (Creative Audigy), I have a problem. When I go into Audacity’s Audio I/O tab to change the devices, I can find under “Audio Out”, my speakers. But under “Recording Device”, I can’t find my speakers anywhere. Alternatively, I tried connecting the line-out on the sound card to the microphone on the same card, but all I got was a high-pitch beep. Here’s a picture of the options I have in Audacity:

None of the options I’ve tried work. Has anybody encountered this before? How do I get around it?

There is often confusion over what source to use for recording sounds the computer is playing, and worse, this source is often > hidden by default in the system mixer> . The required source can go by various names such as: “Stereo Mix”, “Wave Out”, “Sum”, “What U Hear” or “Loopback”. The exact name (and even if you have such a source option) depends on the drivers of your sound device. Try to enable and select a suitable option in the system mixer as described below …