A Let's Players rig in ALSA/Pulse/Ubuntu Natty - how?

That's the main question. I tried recordMyDesktop getting mic input from hw:0,0 and Audacity recording Pulse fallback (which was output monitor), but I couldn't sync that. I've tried LiVES, Pitivi and Blender sequencer, but nothing worked. Can someone help me with this?

Last time I wanted to do a similar thing (not for Xonotic) I used in-game demo recorder and commented it separately then mixed it together in avidemux.

It would work in games that have a video recorder... So I have DS and GBA games covered. But I kinda need more, like flash games support and suchlike.

I think that ffmpeg can do some stuff like this. Rock solid terminal applications.

After hacking around in pulse, I've managed to route the mic and the output monitor to a null sink, and then set audacity <1> and ffmpeg <2> to record from it's monitor, giving me output with the stereo audio and mic input on the left channel, which is satisfying, but there's one problem: THE LATENCY IS KILLING ME. Just listen. The ffmpeg example desyncs even!