transcribe speech directly thru sound card, without mic.

I'm a newbie to audio and to this site. TYVM for your help.

I’m viewing several power point “type” videos on vimeo.com with lots of speech. How mite I transcribe the speech to text in a Word 2003 or Word 2007 document, directly, internally, inside the laptop, without having to pass it thru a mic.

Mite I do it with Windows Speech Recognition that is in windows 7, or with audacity, or other freeware? If I must buy a software to do this, what is recommended.

I have many hours of the recorded voice of this speaker for “training” a software, if needed.

My computer specs are:

Windows 7 Home Premium (x64) Service Pack 1 (build 7601),
LENOVO 3367AB5 ThinkPad X131e, 1.90 gigahertz Intel Core i3-3227U, 7
916 Megabytes Usable Installed Memory

Realtek High Definition Audio, Bluetooth Hands-free Audio, Intel Display Audio