In audacity I've done it through the crappy microphone on my laptop (macbook). I was at Bell's Brew House in Kalamazoo for business and didn't have my rig. Sitting & drinking post conference and the jamband Bump showed up. Thought I'd test out the capability so opened Audacity and hit record and watched the wav, adjusted gain, etc. Granted, it sounded shitty, but it was a fun test to run.
Now, how you'd do that with the 722 I'm not at all sure. But you can watch your wav recording in audacity.