Sorry for the late response; I didn't see this question until I started searching for a different problem...
I have started an application to do what I think you're attempting. It's an audio-based lap timer (button to start/stop recording, and loud audio noises for lap setting). It' not finished, but might provide you with a decent base to get started.
Right now, it allows you to monitor the signal volume coming from the mic, and set the ambient noise amount. It's also using the new BSD license, so feel free to check out the code here: http://code.google.com/p/audio-timer/. It's set up to use the 1.5 API to include as many devices as possible.
It's not finished, in that it has two main issues:
- The audio capture doesn't currently work for emulated devices because of the unsupported frequency requested
- The timer functionality doesn't work yet - was focusing on getting the audio capture first.
I'm looking into the frequency support, but Android doesn't seem to have a way to find out which frequencies are supported without trial and error per-device.
I also have on my local dev machine some extra code to create a layout for the listview items to display "lap" information. Got sidetracked by the frequency problem though. But since the display and audio capture are pretty much done, using the system time to fill in the display values for timing information should be relatively straightforward, and then it shouldn't be too difficult to add the ability to export the data table to a CSV on the SD card.
Let me know if you want to join this project, or if you have any questions.