May work, but I think you'll find there's a delay w the mic, so you hearing your voice will be behind and it'll put you off.

If it does you'll need to get any old analog audio mixer and plug a mic, w a 3 pin XLR connection or a jack connection and then connect the computer to a different input, then connect the mixer to any speakers you have lying around.

Here's an option that's cheap and includes everything you need - Mixer doesn't have built in vocal effects, but that may not matter... if it does keep looking at other options.

You'll need to connect your speakers to the outputs of the mixer, you may need to get adaptor cables/plugs or whatnot, or you can even use rca cables to connect to your tv's audio in or whatnot...

Here's the software I use. Free, feature packed and easy to use.