Tranferring D1600 tracks to computer

[jimmychalk]

I want to transfer my tracks from my Korg D1600 to a computer for better editing capabilities and to build loops on my computer and transfer them to the D1600.

I need to know- Will this setup work and is it practical for my solely editing purposes?

Korg <--via SP/DIF optical--> computer w/Cakewalk Home Studio 2000 and fruity loops 3
(turtle beach santa cruz sound card w/ SP/DIF optical in/out)

I need to get this figured out pretty quick and your help would be GREAT!! thanks!