Penny--Don't know about saving your place in audiobooks and I listen to quite a few. But as Harry said you're much better off buying a cheap mp3 player (there are quite a few that will remember your position).
I actually bought a used Apple iPod Nano (older generation) off of eBay for about $30 over a year ago and I consider it to be about the perfect player for audio books.
The two things that are always in my purse (unless I'm using them) are my Reader and my iPod Nano...oh yeah, I keep my iPod Touch in there too. I'd be devistated if I ever lost my purse!
dordale