After digging through the Mathematica documention I was able to solve my problem using the following code:
NBDIR = NotebookDirectory[];
SetDirectory[NBDIR];
FILENAME = "rec2.wav";
FE = FileExistsQ[FILENAME];
if[FE, , DeleteFile[FILENAME]];
REC = AudioRecord[$DefaultAudioInputDevice,
GeneratedAssetLocation -> FILENAME];
AudioStop[REC];
AudioRecord[REC, MaxDuration -> 5.0]