No. Your sound card support 7.1 format only for playback, but can record only stereo or mono.
Yes, you can, but MCRS designed to record audio from external sources. Our streaming audio recorder will work much more better.
The simpler solution - use onboard sound card and cheap PCI or USB sound card. In this case you will have 4 mono channels or 2 stereo channels.
Most sound cards support only mono for "Microphone" input, so you should connect two microphones to "Line-In" jack via Y-cable.
Actual recording time limited only by free space on your hard drive. MCRS will split recording if the file size exceeds 2Gb.
Yes, starting from version 4.x it support WDM and ASIO drivers.
Yes, you will pay only difference in price.