You can, but you need to find out if your integrated AC 97 is in fact a full duplex. If not, it can still be used to record or can be used to playback, it just cannot do both at the same time.

The other thing to note is you need to set Windows to LINE-IN recording, because Windows absolutely controls the integrated hardware. You should also note that since this is shared hardware, the resources of your system are paramount, and you will need to make sure they are set and available for recording.

I have a Realtek AC97 on one of my systems which is a 16 bit, full duplex chip, and it preforms admirably for recording from a tape out of the stereo receiver using the LINE-IN port.