There are two ways you can recover mistakenly deleted records in Dynamics CRM 2011
First way is using Code and API requires Programmer and Visual Studio as explained in the below blog
As a Programmer I have used the first one using API but second tool suits to most of the people who doesn't want to go near to Visual Studio;
Second way is using the CRMCodex Record Recovery tool
http://www.crmcodex.com/products-page/applications/crm-codex-record-recovery/
I have used the second option which is the tool as an end user.
Problem is you cannot debug this tool as this is a managed solution.
Follow the below steps:
1. Import the managed solution (simple import the zip folder of the above tool)
2. Then you are going to see the Record Recovery section under Settings
3. If you don't see your deleted record but you can see in Audits, it means that it is gone over 'certain' days.
4. Change the Audit History of deleted record to today
5. Refresh Record Recovery where you will see under today's date
6. Then you will find the record to be recovered and just Recover
Only problem I have found with the tool is if the child data is deleted under the parent, parent can be recovered but I couldn't recover the child data for some reason because when parent data was deleted the system had deleted the child data.
But if the data was deleted manually on entities, all the data was recoverable.
If you could find the source of this managed solution, then you can customize and debug the data suitable for your requirements.
There may be other ways as well, I would like to know if you can point out to me.

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