Yeah dude its totally possible and I think I used to use that same interface too. Basically you definitely definitely want to go to your local music store and fork out the $30 for a regular XLR cord.... because that will be the cleanest and best way to do it.
However, if you don't mind a little noise you can put your mic into the guitar jack. I think you're saying you have a cord that has XLR on one end and a guitar plug on the other. This isn't a great way to go since the noise suppression that XLR affords you is immediately lost and noise builds up on your signal the whole length of the cord, resulting in a poor quality setup (well depending on the cable I guess but I wouldn't chance it). If this is what you have but you need a male where a female is or vice versa, you can go to radioshack and buy little male-to-male or female-to-female couplers pretty cheap... and yet you might as well just buy the right cable in the first place since its not much more to get a short one.
The other way to do it would be to have a regular XLR cable and then just use one of those $10 converters that goes from XLR to guitar at the very end. This won't cost you as much noise since the cable is balanced all the way through and only gets changed to the crappy guitar cable line at the very end. And yet there is no reason for you to do this since the m-audio interface has an XLR jack.
Seriously man, just get the right cable. When you get into digital recording you're going to start noticing very soon that not using xlr adds a ton more noise to your signal and just sucks in general.
