Can Dictation work with podcasts?

In my master's program we use "Collaborate" that records our dialogue. Is there some way that Dictation can work with Collaborate. Oh, but it would save an awful lot of time. Also, is it possible to directly tape the interviews, passing the mic? I have a good digital recorder and was thinking that if I connected the headphone port with a splitter (one for an external mic or will the mac mic still work?) I could get a much better recording, audio-wise.