Recordoid Dictaphone Lite
The tape-deck interface of this app is a little too cute for my tastes, and its required extra tap is a little annoying, but I can't deny this app does what it says it would do--record audio. This 'Lite' version comes with a time limit on the sound files of a maximum of 3 minutes. You can set it for less, though I'm not sure why you would. Still, the saving convention is fairly easy and quick, and a new file is started immediately, so in a push you could use this to record more than 3 minutes of audio if you don't mind the odd 5 second gap, though if you need more than three minutes of audio recording, you might try these other free audio recording apps that might serve you better, minus the kitsch.