you record cd quality wave to your pc with the supplied software.

then you can convert to mp3 or wma with the supplied software.

then you can send to the card through the supplied software or use the card reader.

you can certainly play along to your previous mic performance, or guitar input etc recording.

if 128 kbits encoding is good enough for you on mp3, then 1 MB is roughly 1 minute of stereo digital audio. For 96 or 64 encoding this decreases MB and increases time as you lose relative quality.