I know the real solution to this problem is to get a decent PC and soundcard, but due to monetary constraints, that is not possible at this time.
Now i seen this cable this on amazon which plugs from guitar (or amp) 6.3mm socket to USB. Would this reduce hiss and enable me to record better quality guitar, or would the noise problems i currently have still be an issue?
http://www.amazon.co.uk/LINDY-USB-Guita ... d_sxp_f_pt

Oh and also i sometimes record bass lines on guitar and lower the pitch. Again, quality is just about bearable when doing this, would this cable thing benefit that at all? I know this method of lowering pitch by an octave in Audacity is never going to come close to recording a real bass guitar. But like everything i do, its a cheap compromise until i can afford better equipment.
Thats a secondary issue though, my main concern is for recording guitar normally (skanks, picking, melodies etc).
Thank you for any advice or knowledge that anyone can share with me
