Voice recorders were one of the earliest apps to land on Android and the category is crowded, but Recorder With Tags does it with style. The app allows you to record audio in the background and add time-coded notes while you record.
The app -- which has a 100 per cent Holo UI, for those that enjoy such things -- can tag specific portions of audio files as you listen, in much the same way Soundcloud comments work. It also allows you to label and colour code your recordings. The free version allows up to three markers, while the paid version can store unlimited notes.
Recorder with Tags [Google Play Store]