Having experienced the path you seem to be on first-hand, the advice above about getting a real audio interface will save you significant grief on "trying to make bad things work." Depending how much you get into things, introductory gear is more a stepping stone to replace with better as your needs change/grow over time. If you are satisfied with where you are for long periods that is also great, but not if struggling with something not "right" for the job.
There are a handful of sub-$100 interfaces (new) out there. Not "stellar" but functional for overdubbing (one track at a time) purposes. If you are looking to also do vocals (potentially), an interface with one microphone pre-amp is also useful. Definitely worth consideration. The 16bit/48KHz recording limitations mentioned above may end up causing you grief down the road.
Before jumping into "buy this, get that" mode... what are your goals for recording?