An hour is no problem, if your system has the required resources. Keep in mind that you probably want to record to CD quality WAV files in the first place. So, you will need about 10 MB per minute on your hard drive. Shouldn't be a problem with the hard drive capacities and prices of today.  :-)

The software in that package (Cleaning Lab), can record directly to a small variety of formats like WAV, MP3 and Flac. You can export your project to any of these formats and to WMA as well. As I said above, I'd probably always start out recording and editing to CD (or higher) quality WAV. If you need a compressed format in the end (e.g. for your MP3 player) , you can still export to it. This workflow provides higher quality then recording directly to a lossy, compressed format in the beginning and re-encode to the same lossy format again after editing/cleaning/mastering.

I hope this info helps.