Hi Pete,
yes, I've answered this one many times.

You can use windows sound recorder, it need not be limited to 60 seconds. Under properties adjust to cd quality 44kHz 16 bit stereo.

Make sure you have plenty of hard disk space available, an absolute minimum of 12 MB for each minute of recording. Preferably record to a clean partition or at least defragment your hard disk before every recording.

Your 266 II should be ok for recording. The speed and bus quality of your hard disk might be more of a limitation. Also plenty of pc ram is needed to prevent the hard disk from accessing virtual memory while recording is underway. These are the things that will limit the final result.

Even with all these precautions the problem with windows sound recorder is that it is just not very good, and you may still have the occasional pop and click. Use it to see if you can record without major problems for free, and then consider a good budget program like cakewalk or goldwave.