Ok, here;s the deal. Yes you can record the guitar the way you have planned - once again, please for your own sake turn off the phantom power before pluggin in or out. Anyways, you don't need it for guitar.
BUT, it will sound bad. Basically it will sound as if you are sticking your ear right up to the electric guitar and strumming - only louder and fuller.
What an electric guitar needs is an amplifier. This consists of 3 things, the preamp, power amo, and speaker. The preamp shapes the sound - it's what gives metallica (and every other musician) its distortion. Distortion is that dirty sound that makes you want to bang your head up and down when listening to rock music. The power amp just makes the shite loud. The speaker is oh so important. Without it, your amp would make no sound. And if you ran direct from a preamp into your "fantom" it would sound like an angry swarm of bees.
The traditional way to record a guitar is to plug your mic into your amp, turn it up real loud, and put a microphone up near the speaker. This is usually the best sound.
Most people can't do this at home though, because their family would beat their ass. So, technology has afforded us the ability to have these great litltle devices called amp modelers. Basically they simulate the amp, speaker, and microphone. Plus, they have all kinds of neat effects to make you sound great- or at least better than you are. (not you personally, but guitar players in general)
I recommend the guitar port. You need fast computer though. It is 99 bucks. Please go to
www.guitarport.com for info. I like it because it records straight from digital from the usb cable. All the amp simulations are run by a software interface, so it looks really neat. And, there is no messing with "fantoms." Please excuse my sarcasm at your expense... I'm just messing with you.
I hope this helps you out.