yip that would work. Another way is to run it straight into your line in socket on the soundcard via 3.5mm jack. there is software available, I found this via a google search http://www.golddownload.com/MP3_Audi...cer_10450.html
I can't pretend I know how good it is but it may do the trick.
The other option is to run it through a mixer into cubase/cakewalk and tweak it there.
I am sure Wahwah could help.