You'll want to get a mixer or some kind of preamp to amplify the phono out before getting it to the sound card. With the right connectors, the m-audioo usb preamp could do this, but that is really made for microphones and not phono turntables.

There are a few turntables that have built in preamps with regular line outs instead of phono outs, I might suggest getting that instead, then you can plug that directly into your audigy. I would also recommend replacing your audigy, but there's no rush for that if you're just starting out.