mrwheels -
The iMic is not required if you have an audio input on your Mac (sounds like you do), and amplifier (stereo receiver with phono input), which it also sounds like you have. What is needed that is not included is software to record the input. I would suggest 3 options:
1. Garageband can do this, as far as I know, although I have never used it for this purpose. Import into iTunes where you can name tracks and provide other info and collect the tracks into a playlist (album) and burn to CD.
2.
Audacity is a free audio recording and editing program. Again, I've never used it, but have read many positive reviews from those who have. Once again, import resulting file into iTunes for tagging and burning.
3.
SoundStudio is another piece of software that allows for recording and editing. This one, I use! A bit pricey now, but I've used it for 5 or more years, with great results, for a variety of audio recording and editing tasks. I record an album side as a single file and split it up into tracks, clean up big pops and clicks, save as AIFF, import those into iTunes and burn as a CD, then compress the AIFF into 160 kbps AAC and delete the AIFF from my hard drive.
Hope this helps. Good luck!
Darth
15 Al PB 1.5 Ghz G4, Snow iMac 500 Mhz G3 Mac OS X (10.4.6) 1.25 GHz Powermac G4 MDD at work