I've used the "audio in" to determine a fan's RPM, using a microphone. The problem I see with your application idea is the slow sample rate required. I believe choices are 11K, 22K or 44.1K samples per second for the audio input drivers - at least the version I've used. An example of an ocilloscope using the audio sound card drivers can be found at:
http://www.yelmtel.com/~joej/vis/scsco.zip
Perhaps you can modify this to suit.
Joe Jasniewski