If you click on this link:

Click here

and scroll down to the "Home Recording" categories, you'll find a wealth of information collected by others who have faced this situation.

Not to say that the SoundBlaster 5.1 (or its successor, the SB Audigy) wouldn't fit the bill, I'm sure you'd find either useful for quite a long time, but, if you can afford them, there are cards available that provide quite professional recording/editing capabilities.

It all comes down to how much you can afford and want to spend.