Running XP on a Dell Laptop. Want to connect two
microphones so that I can record interviews. Trying to
figure out the best way to do this. Not sure if a Y
splitter for the mic is the way to go...I have a headset
with the connectors for typical sound card...Also notice
that USB microphones are available. Wondering if I can
have two headsets connected, one standard soundcard
connection, one USB, and accept audio input from both.
Any suggestions?

You probably wouldn't want mixing an analog and digital sound/microphones.
USB sound pod should be the best approach.