I used to do this back when I used my PowerBook (Pismo) sound hardware to do recording. Surprisingly good quality as far as built-in sound hardware goes, but the 30G IBM hard drive I had in it at the time was loud as h***. (Since then, I've had the loud drive replaced under warranty, then replaced that with a larger drive on at least one occasion, but....)
Anyway, I would put it in one room and steer it with an iBook in the other room (with a whisper-quiet hard drive, but no audio input worth using). Worked pretty well, though a bit sluggish across 11Mbps Airport.