New to recording, need a somewhat cheap interface

well plans changed, my comp took a shit so I just ordered a brand new setup (q8200, gigabyte mobo, 4gb corsair memory, etc etc)...probably getting an interface in a month or two when I have some more cash laying around, until then I'll just fiddle around with the line-in setup.

I'm also planning on ordering a new guitar soon, in the next couple of months, because I'm actually thinking that it's more the guitar than the actual recording setup (as I know several people who go about recording their home demos this way [line-in to amplitube/revalver/etc] and they get clarity and note definition no problem.)

I'm probably going to order one from rondomusic, as they seem to be excellent quality guitars for the money (better than your run-of-the-mill squire or something).
 
this might be a somewhat dumb question but...

whenever my latency is too low (sub-5ms), I get this nasty warbling sound during playback. I haven't tried rendering the tracks to see if it still does it, but does this latency only affect playback, or does it affect the actual recorded tracks as well? and if it affects playback, would it also throw me off when I track something else? it seems like it does, as one day I had my latency at like 50ms and all my tracks were off from the click and the drum track I tracked to.