One of the downsides of a new iMac is that it doesn't come with an audio import. You can no longer connect audio devices as imports - such as microphones or cables connected to a radio.
iMic is not a microphone, but rather an Input/Output device using a 3.5mm jack, that lets you connect standard audio products such as microphones, headphones, home stereo equipment, VCRs, musical instruments and virtually any other line-level or mic-level audio device. It's basically a 'sound card on a cable' that allows you to record and play digital audio using your USB-equipped computer. Some computers (like the Macintosh iBook, G4 Cube, Titanium PowerBook, and numerous PC laptops) rely on USB for complete audio support; others have limited or no audio hardware. For these computers, iMic can be used for audio input and output.