Cheap Outboard Line Volume Controller?

I just got an old MD recorder from my dad this weekend, and I have it hooked straight into my speakers. I leave the volume on speakers cranked and control the audio level w/ my soundcard, but the MD recorder goes straight into the cranked speakers. I can turn the MD down a little bit, but everytime I shut it off, the volume is reset, so I wanted to know if there is a cheap unit I could purchase to place in between my MD and my amp / speakers so I can quickly and easily control the volume of the MD.

Thanks!

hmm, i like option 1...

now, excuse my ignorance but I am not sure I know how to make one. I am assuming I would cut the cable I am using now, then splice each end back onto that knob and make some kind of enclosure for it?

I am not much of a "DIY" person, but I'm willing ot learn to save some cash!

Making one would be a failrly simple effort. Each channel will need to be wired to the pot like this:

Side1 (this is the side the wiper connects to when rotated fully CW) - gets the signal straight from the output.
Wiper (center contact) - this will be the output for the monitors
Side2 (this is the side the wiper connects to when rotated fully CCW) - common ground for input and output.

As Don pointed out, this is for single ended (non-balanced) connections only. A balanced, stereo control would require a quad ganged potentiometer, which I did a casual look for and didn't find.

A mute button would best be designed with a DPDT switch. You want the signal cut open when the mute is pressed and the monitor input terminated to ground to avoid picking up noise. So the center of the switch should go to the monitor input, with one side connected to the output signal and the other side grounded.

At some level of complication, something like that SM Pro Audio box I linked for about $100 begins to outweigh the time spent building something.