From the StoryCorps website:

StoryCorps is a national project to instruct and inspire people to record each others’ stories in sound.

BurroughsWe’re here to help you interview your grandmother, your uncle, the lady who’s worked at the luncheonette down the block for as long as you can remember—anyone whose story you want to hear and preserve.

To start, we’re building soundproof recording studios across the country, called StoryBooths. You can use these StoryBooths to record broadcast-quality interviews with the help of a trained facilitator. Our first StoryBooth opened in New York City’s Grand Central Terminal on October 23, 2003. StoryCorps opened its second StoryBooth in New York City in Lower Manhattan on July 12, 2005. We also have two traveling recording studios, called MobileBooths, which embarked on cross-country tours on May 19, 2005.

We’ve tried to make the experience as simple as possible: We help you figure out what questions to ask. We handle all the technical aspects of the recording. At the end of the hour-long session, you get a copy of your interview on CD. And thanks to the generous contributions of our supporters, we ask for only a $10 suggested donation.

Since we want to make sure your story lives on for generations to come, we’ll also add your interview to the StoryCorps Archive, housed at the American Folklife Center at the Library of Congress, which we hope will become nothing less than an oral history of America. (See the press release on the Library of Congress Web site.)

A video is available which explains the StoryCorps experience in more detail.  You can view it by clicking here.  (Quicktime, 10MB)

More here.  [Click “About” at the site for more info.]