A data recording and playback system and method with a memory device adapted to receive and temporarily store input signal data as data frames with time stamps, the memory device having addresses associated thereto, and a circular storage buffer having a memory mapped file with same address space as the memory device for storing the input signal data. In one embodiment, an event controller provides an event signal associated to time of an event, and an event processor is provided that copies plurality of data frames stored in the circular storage buffer that have time stamps proximate to the time of the event. Another embodiment is adapted to allow playback of stored input signal data from the circular storage buffer without interrupting simultaneous recording of new input signal data into the circular storage buffer.