it sounds more like play something on the pc, but fed into the mic, male to male 3.5mm plug, but then you wont be able to speak into it or hear anything as it would feeback what you were supposed to hear back to them.
with soundblaster audigy (cant remember if the x-fis had this setting, i remember there was a setting of what to record, and one of the options was "what you hear", which would feed into the "mic" what you say through your mic, as well as what you hear from your speakers. no cables needed.
note: the post above is my opinion. as such, when reading any recommendations from me, please do you research and seek out other recommendations and make up your own mind on your next course of action. i mean, most reasonable adults should know that, but it seems this should be stated anyways.