I was reading the FAQ on the cosmovox site when I came across this:
How can I record the music I make with Cosmovox?
This will be addressed in a future update. Unfortunately Apple has yet to provide a way for developers to save music created with an iPhone to the iTunes Music folder of your iPhone. Currently your best bet is to make an analog recording from the headphone jack. Soon we will provide recording and network uploading of audio in Cosmovox and our other music applications for the iPhone which we have under development.
So now I’m looking forward to their new app and being able to record using cosmovox.