you'll need some sort of audio interface with that, if you haven't bought a fancy soundcard with your PC the latency is very high so the processed signal will come back a lot later which will throw everyone off and sound horrible.
Best shot is probably getting a cheap interface (i.e. Edirol UA-25) off ebay and get hold of cubase or something. Alternatively you could get some hardware processors however this could get very expensive.
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