Are you saying that you only have a Phone Line jack? The realtek AC97 is a standard soundcard chipset commonly found on onboard soundcards. First make sure you are getting stereo audio out of the 488 as I said earlier. Then as dodge said make sure you are using the right cable (should be two RCA plugs to an 1/8 inch stereo plug just like a small headphone plug with two rings on it). THEN look at theback of the computer. You should have 3 jacks, one for mic, one for line out (stereo to your speakers), and one for line in (should be stereo). Confirm that first. The Phone Line connection is usually on the modem card if you have one of those and is usually by the CAT3 telephone jack on the computer. Confirm all those things and then we have a better idea of where things stand. If that all checks out then you may need a driver update or last resort (because it involves money) get a new soundcard. If you are just trying it out and having fun then any general purpose soundcard will do. Any SoundBlaster card for instance. If you want better quality then I totally concur with nate_dennis in looking at a USB audio interface...basically think of it as an external soundcard over USB. That's how Windows sees it. Something like the US-122 will offer vastly better audio quality (lower noise, higher sampling rate and bit depth and the ability to monitor off the soundcard).
Hope that helps.