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Signing UpStep 1: What You Will Need
A 1/8 jack for your guitar, or any other jack you want.
A drill and appropriate bit.
An analogue computer sound cable (mine was from an old CD drive).
Soldering Iron.
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And if you want it to be stereo, you need to buy a stereo jack. It's just like the one you used, but it has ground, left and right. That way you don't solder left and right together, which gives you mono anyway.
It will work perfectly for a mic or a mp3, just make sure you don't plug a guitar directly into it though. ;)
Really cool idea, I'll be making one for my computer in a few days.
The little gem was used to make the crackerbox amp in Make issue #9, I believe.