I just found a splitter. It has two female 1/8" minijack ports on one end, and a single male 1/8" minijack at the other end. I'm assuming, therefore, that if I have two microphones, each with a male 1/8" minijack, that I plug each into the splitter and I'm good to go as far as stereo recording? Thanks.
Is the mic jack stereo?
Audacity should be easily up to the task. Just keep in mind that Audacity records in .wav format so the resulting file could be very large depending how long your live performance is.
Just remember to export the file into mp3 format before exiting Audacity.