Midi2Wav Recorder - description from Softdepia.com:
MidiWav Recorder converts MIDI files to Wave files. You can record to Wave MIDI playback only or mix it with Microphone input. Midi2Wav self-adjusts sound card mixer. Midi2Wav is also a full-feature MIDI and Wave player.
Midi2Wav Recorder provides the synch starting of MIDI playback and Wave recording. Midi2Wav Recorder self-adjusts your sound card mixer settings
and then restores the original settings. You can choose as sound source MIDI playback only or mix it with microphone input. Midi2Wav Recorder offers the possibility to select MIDI-Out and Wave-In devices. This feature may be very useful if your default MIDI-Out and Wave-In devices are conflicting. Midi2Wav Recorder offers the visual representation of waveform and signal volume, statistics evaluations of average and max volumes, clipping warnings. Midi2Wav Recorder provides the possibility to maximize the dynamic range of recording by adjusting record level and MIDI playback volume. Midi2Wav Recorder is also a full-featured MIDI and Wave Player.
Midi2Wav Recorder is a "Free to try" program. You can download and try it for an evaluation period.