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Does your device support "tracks"?
In ArcPad go to GPS Preferences>Capture tab. In the Streaming section, set your position or distance interval to something that makes sense based on your approximate speed while collecting the road data, for example, maybe position = 3, distance = 50 feet. Then when you activate the feature class to be collected, and select it as a polyline, simply use the Capture Vertices GPS collection tool. Based on your streaming settings the unit will automatically collect a vertices every three seconds (if a 1Hz machine) or every 50 feet.