I've used my Virus TI Snow in a similar manner to how you describe. I've recorded my electric violin on it and the sound quality is great. It won't compete with real high end soundcards and the lack of in/outs might pose a problem depending on how complex you need your routing to be, but for a home studio, the TIs (well Polar and Snow, they're the only two I've tried) are a good soundcard IMO.
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Snow user.
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