Just finished reading about how to integrate whiteboard lessons into online learning environments where the FREE software LectureScribe was mentioned. LectureScribe is a software developed by Brian Dean, an assistant professor of computer science at Clemson University.
I viewed a demo of the software and found it very well put together. Although it is recommended that you use a tablet PC or WACOM (input device you for computers that you can use a digitized pen with), you could always use a regular PC with a mouse (just know it may be a bit frustrating).
The software gives you multiple boards so that you don’t have to include your entire lecture on one board. It also allows you to record audio. When finished, it saves as a .swf or flash file, which is compatible with almost all web browsers. From there, you can post it to your site, blog, eLearning course or whatever floats your boat. Currently the software is PC only.
Oh, and did I mention it’s FREE! Check it out at http://www.cs.clemson.edu/~bcdean/lscribe/.