Yes it does but it doesn't need phantom power. Get a cheap preamp like the ART MP (about $80, maybe less on eBay). Or get a cheap mixer, since you're starting out, like a Behringer 2 or 4 channel. Again, about $80 but you get a couple of channels. You can also use the ART MP as a DI (direct in) box for guitar, bass, etc. Make sure you plug into the "line in" jack on your soundcard. The "mic in" is for those cheasy mics you use to talk on internet. Have fun.
Oh yeah, the SM58 is a great mic and it'll last forever. Get the one without the switch. It's a lot cheaper and you just don't need the switch.
DD