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It won't really work as the speaker jack will make recording only mono. If possible get one with a line out (maybe left and right channel) and plug that into the mic jack.
You will need to use a software which will accept input from the microphone jack so it shouldn't really be a problem. The only thing may be the file size of the recording (uncompress wave) is about 10 megs per minute (so ensure you have enough space). Some software allows compression of lossy or lossless methods which might make the file size smaller.
p2p isn't really dead, try kazaa lite or emule or other sources. They're just as good as the old p2p method.
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