I use few VoIP applications to call both my parents and my girlfriend. It is my deep desire to record some of my voice-calls. I tried with ‘Sound Recorder’ available on Vista™ but it is recording only my voice (input) on microphone! Is there any way to record the both sided of my calls? Any other application/s?

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Gizmo5 softphone has a call recorder built-in to it.
CallCentric provides a free downloadable softphone that includes call record feature, too.
3CX Corp. also provides a free downloadable softphone called the "3CX VoIP Client" that is open SIP user configurable for any SIP-based VoIP service.
http://www.3cx.com/VOIP/voip-phone.html
The 3CX VoIP Client has a Call Record feature, too.
I use it to connect to SIP services Like CallCentric, InPhonex. Les.net, and Voip.ms.