There's 20 frames in each challenge image, 20 different sets of data to process and compare for a correct result. It's also three letters long.
ED: The form itself is included in an iframe, with the following tag:
<meta http-equiv="Expires" content="Sat, 1 Apr 2006 23:59:59 GMT">
ED2: The audio CAPTCHA sounds even weaker. You could probably just pipe that to Googles dictation API and you'd be set.