I think that you'll find that using the soundcard inside your PC will not give you "virtual CD" quality. Apart from not having adequate quality A/D convertors you will find that the electromagnetic noise levels inside the PC are such that the signal to noise levels achievable on your sound card will not be particularly good. The best solution is to go for an external break out box with all the analogue circuitry kept well away from the PC (normally a couple of meters). There are a number of companies making these products now with the Guillemot ISIS being probably the best value ~ £200. The ISIS gives you 4 inputs and 4 outputs (plus SPDIF). This coupled with a software sequencing package such as Calkwalk or Cubase will give a very good multi-track studio - the number of playback tracks being limited only by your PC and hard disk performance (with a P200 I have achieved 12 track playback no problem).

Ian