record applications on screen 10.7.4

So, I treated myself to a brand spanking new Macbook Pro Yeahhh, I picked up the 15" 2.3Ghz and suped it up with 16gigs of Ram and a 750gig 7200rpm HD and this baby flies, especially taking into consideration my last laptop was an ibook (chuckle).

Okay here is the question: Is there any way I can record applications that I am running on my laptop, I am into some new video projection controll software and would like to create a trouble shooting vid/manual as I resolve sits.

Thanks Gary