In short, no, not freeware. The better solutions I've found which won't cost you anything are CamStudio - which is good for recording the screen while you do ordinary Windows tasks, for instance, and FRAPS - which records games, but the quality of the free version of FRAPS is somewhat poor, and video is watermarked with FRAPS over the top. (Both are capable of recording audio from the system and a microphone at the same time.)
Both of these make adequate videos, but realistically, to make high-quality video, you'll need to pay for something like the premium version of FRAPS or similar.