There is a beta program developed by Dark_AleX himself (before he changed his alias from Moonlight to Dark_AleX) that records in-game audio. It does not limit the audio to 1 minute to my knowledge; however, it does make the audio into .wav format, which is about 10mb for one minute of audio.

It can be found here:
http://dl.qj.net/PSP-Audio-Recorder-...6935/catid/140