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I don't know of anything for embedding in Powerpoint off the top of my head. You might want to consider ANVILL as a tool - it has very good tools built in for recording audio.
We also embed the CLEAR MSU Audio Dropbox in courses in our Moodle CMS. We're able to put sound recordings together with images and the recorder for students quickly and easily. If you have a different CMS, you may still be able to do something similar.