How can I record Stereo sound from my Mac?

Which Mac model are you talking about? The cable is fine, but the newer MBP models don't have the combo input/output port anymore...
 
I'm talking about the Mac Mini 2012. If I connect that cable to the microphone jack will I be able to connect an RCA cable to it and record in stereo?
 
Yes. Although it's a line-in jack rather than a microphone jack (which is a good thing, since built-in mic jacks on computers tend to have super-cheap preamp circuits in them that very noisily boost the signal).
 
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