Mike,
The Instant Music interface has phono inputs and outputs, USB to the puter, and comes with the "Nero" software. My desire is to hook it up to the tape recorder output of my graphic EQ and get my records over to MP3. Then, I want to put a few hundred favorites onto a CD. I already have a cheap Cyberhome DVD player that plays just about everything, unlike my expensive DVD player. The DVD already gets back to my receiver through an A/V switcher. But let's face it, the source doesn't matter if it's a line level analog output.
I bought the interface and installed it last summer and haven't really played with it since. It looked like I might have had to purchase some sort of plug-in to use the Nero software to convert to MP3. But again, I paid less than 40 bucks for it. You might want to check out the vast selection of audio interfaces at http://www.musiciansfriend.com/
I think I checked out ones from $150 to a couple of grand for a friend's home studio project.
Joe