Lots of people use Soundflower for producing podcasts and doing various work where audio needs to get from one app to another. One great thing about Soundflower is that it is hackable so that you can customize it to your needs. A clever Soundlower user -- who hosts "LuBlog" -- contacted us with a great example where a group call can be recorded using Ableton Live with each individual recorded on their own track so the whole thing can be mixed properly in post-production.
Interested in learning more? Follow LuBlog's detailed instructions.