Gaming headset for imac i5 2.7Ghz

I am looking for a headset (mic and headphones) to chat and play games with. $50 seems about where I want to be for this. I can chat through my computer via skype and whatnot but the ambient clicking sounds from my mouse annoy the people I play with.

I was looking at the Turtle Beach Ear Force XLa headset and was wondering if it would work with my imac (since imac's don't have an Audio in AND out jack, they only seem to have a regular headphone jack/audio out)

Any suggestions would be awesome.