Attach PC to Stereo

I want to attach my pc to my stereo to allow me to;
  a.. stream internet radio and listen to it through my stereo
  b.. record my vinyl and cassettes into my pc to create cds
Does the Xitel Inport allow me to do both these things ?

If not what do you suggest  I consider purchasing ?

Look forward to hearing from you.

Many thanks

Phil
[EMAIL PROTECTED]