OneNote itself cannot transcribe from voice to text. It can search through
audio and video files to words though. In tools \ options \ audio and video,
there is a checkbox to allow search to look through those types of files for
words.
In the OneNote 2007 Guide, the second to last page in the "More Cool
Features" section has a short tutorial on how to enable this, and includes
some tips to make it work better.
Hope this helps,
John Guin
OneNote Test Team
http://blogs.msdn.com/johnguin