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Chaski,
If you end up choosing to get a new soundcard (which would probably be a good idea), you may be able to use the USB cable you already have. You will have to edit some of the settings in the software you are using (Cubase, notation software, etc.) to make sure that the MIDI input is set to whatever the USB connector driver comes up as. Then for MIDI output (which will be played through your computer speakers) set it to your new soundcard.
You also want to look into tweaking the audio patches used in your software. Simply changing the SoundFont used will dramatically change the audio quality (for better or worse).
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