Actually, if you have a "stereo" in, then it IS two channels (usually left and right), but you should still be able to record two mono tracks at the same time. For example, if you're recording vocals and guitar at the same time (or doing stereo guitar tracks), you just assign the Left input to its own track and the Right input to its own track.
I do agree that you will get better sounding results with a real recording card like the Audiophile. I've been using the Delta 44 for years and it has not let me down. But since you already have the Soundblaster, use that until you get the hang of things.
Good luck!