well, the cable should be quit decent. it's just a coax cable with a phono to 1/8 RCA plug at both ends.
I have more doubts about the sound card or maybe the soundcard settings. As I said I have the M-audio delta 44 soundcard wich has a break out box with 4 line ins and 4 line outs. the break out box is connected to the soundcard. you think this soundcard should do the trick? I don't want to spend any more money as needed if this soundcard already is all I need.
http://www.m-audio.com/products/en_us/Delta44-main.html