Water companies do, in order to detect and locate leaks.
They use accelerometers rather than microphones, usually magnetically fastened onto iron pipes in the road.
There are basically two systems.
1) Use multiple sensors at specific points, set to record audio signals at a specific time and period. You then collect the sensors, put them back in their case and download the data later. By analysing the recorded data you can tell if there's a leak, and get an indication of the area it's in.
2) Correlation - you fit two sensors on either end of a metal pipe, this transmits audio wirelessly to a control unit which you set for the type of pipe (cast iron etc.). The control unit compares the time difference between the two signals, and because you entered the type of pipe (sound travels at different speeds down different types of pipe) it calculates the distance from each sensor to where the leak is (between them). This allows you to get a fairly accurate estimation of where the underground leak is, so you can dig in the correct spot (hopefully).
It costs a
LOT of money to dig a hole
so it makes sense to try and dig it in the right place.
You could try a contact mike, and see what you can hear - but I suspect that slight leaks will make very little noise.
Incidentally, leak noises are basically white noise, funnily enough I copied a test cassette (used to test correlators after repair) only last night, as we wanted a backup (as MP3's) in case the cassette chews up
Here's a picture of the cassette box.