A question I've been asked a lot lately is whether or not it's possible to use the Treo as a digital voice recorder. The idea is to create a sound file that can later be run through a PC-based voice recognition program like Dragon Naturally Speaking.
The short answer is "yes," although I don't have any personal experience with voice recognition software. This article briefly discusses one way to do it. In addition, I found a message board posting where one user describes his setup. PC World also ran an article about this subject last year.