It has worked great for me all the time I have used it. Whatever is coming out of the speakers at the time can be recorded through Audacity.
You can then play with it(the recording) as much as your desires and abilities will allow. The minimum you should do is to trim the ends of the track to get rid of what you don't want and to "Normalize" the whole track.
Audacity needs an extra programme to produce MP3's, all you need to do is follow the instructions and that works fine too.
Good Luck sorting it out, JohnB