Need help with Audio Question

I am trying to hook up a Dell laptop with a SigmaTel C-Major Audio sound card in a particular way. Being a truck driver, I have XM radio that I would like to take the output from to go to the microphone input on my laptop. From there, I would like the laptop to act as a recording device but also play the audio received through the microhpne to the speaker output, IN REAL TIME. Is there any way this can be done using Windows XP programs or components? If not, is there a third party program that can accomplish this task for me? Thank you very much for your help.