Sandman:
I don't think so, older soundcards won't run in full duplex so they can't play through the soundcard and record at the same time. I have the same problem as my soundcard is worthless. There may be a way to do it, but I don't know how (not that I've ever really taken the time to play with it).
To make mixes, I convert to wave, and use a wave editor like Soundforge. This is more like making a CD as opposed to a live set. You can cut, paste, play with equalization, change volumes, etc etc, and make a cd that is comparible to mixing one in a studio. The downside, of course, is that you can't sit down at your computer for an hour and mix up a CD.
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