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I came across LectureScribe via the Rapid eLearning Blog - this is basically an electronic whiteboard that works best when you have a pen input device. Those don't have to be expensive and I found one for just over £10!

The programme can be downloaded here.

What's cool about this is that it also records your voice, you can add images and then dump the complete recording as an swf file. Ideal for adding something a little different to your eLearning module. What's more, the application is free! The demo below tells you more!