How to Record System Sound with Pulse Audio and Audacity in Linux

Ever wanted to record whatever you played on your speakers directly to an MP3 file? Out of the three operating systems, Linux has the most fool-proof process (by way of the Pulse Audio sound server). This sound server, though initially unpopular, is now almost universally praised. In fact, it can perform some advanced functions and can be manipulated to do almost anything you could possibly think of.