I think "high quality sound" is whats really throwing this thread on to a dead end street.
What you think is high quality may not be what most people here consider high quality sound. And the rest of us may not really know WHAT to think high quality sound means.
Do you expect some kind of incredible depth of sound with powerful bass and 5.1 surround with fantastic 1080/60p video and a huge sensor to capture it all in low light at 150 bucks? If so, you are out of luck.
Are you expecting something a bit better than a mini flip, with camera quality sound in dolby digital 2.1? Maybe we can offer advice.
I am just not really sure what to think from your post. Why not just get a digital recorder or something like that (I dont know much about them, but you know, kind of modern day tape recorders)? And record your audio, and look for a the best camcorder you can in your price (probably attached to a still camera) for your friends running?
Seems silly to use a camera just for audio recording. Your school probably has mics or something, talk to the AV guys.