Well basically your stuffed if you want to use that horrible sound card.

You are going to need an input for each mic and at the moment you are stuck with 1 as you only have one input. You could feed your mics into a desk and then mix everytihng to mono but that is probably a little less effective that just using one mic and pointing it at the band.

In other words if you want to record more than one track at a time and then edit and mix it you are going to have to get some more kit.

There are pleanty of multi IO "break out" boxes out there but then you need to make sure your computer is up to the job. Check out M-audio (OK and good bang for your buck) or RME audio (ie the hammerfall seris or the digi8/96 PAD which is the one I use) or tihngs like these . Oh and remember that anything that goes throughthe Audgiy over a 16 bit depth resolution will be processed at 16 bit. Bin the Creative labs card dude !!!

As far as softwere is concerned I like Sonar, it is expencive but their is nothing it can't do.