Edirol does something with a direct guitar input. You don't want to plug a guitar straight into a mic input, and esp. not a line in. You need something with a high enough impedance to drive your guitar pickups properly. If you have an amp with a decent headphone or line out, the iMic might be good enough for you. I haven't tried it, though, so I don't know anything about latency figures, signal-to-noise ratios or distortion per centages, but seeing as it is a consumer interface rather than pro audio, I doubt they're very good. You might want to look into that Edirol thing - I don't remember what the model is called, though.
Suit #1: I mean, have you got any insight as to why a bright boy like this would jeopardize the lives of millions?
Suit #2: No, sir, he says he does this sort of thing for fun.