How to add audio Line In to notebook without one?

How do I add an audio Line In jack to my brand-new Compaq notebook which does *not* have one? This may be hard to believe but it only has a Mic In. I believe Mic In is mono and poor quality (is this correct?)

The Creative Labs Extigy ($150)will do what I need, but I hope to find something cheaper. I don't need all the various connections the Extigy has (MIDI, optical, etc.) -- just plain stereo audio.

Dazzle makes a connector with Audio L, Audio R and Video In, and USB Out ($70). It's for recording videotapes on your computer. Could I use the audio inputs on this, ignoring the video?

(I crossposted to the Sound Cards forum -- I hope that's not a problem.)

Thanks much.

Yes, the mic level does have balance control.

But over the last 3 days of non-stop web reading I have learned all about the subject. I just posted a summary of what I've learned to Tom's Sound Card forum, so if anyone's interested or wants to follow up, please go there. I kinda started two threads and should stop this one to avoid cross-posts.

Thanks.