iMac audio port question

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I have a late 2008 model iMac.

At the back of the iMac, there is a port with the symbol of two triangles point together and a circle in the centre. Is this for analogue sound in?

Can I go to the electric shop and buy any karaoke mic and plug to that port? Or I need the pre-amp mic likes the plain-talk mic of the Old World Mac?

Thank you!
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[BlueRevolution]

At the back of the iMac, there is a port with the symbol of two triangles point together and a circle in the centre. Is this for analogue sound in?

Yes.

Can I go to the electric shop and buy any karaoke mic and plug to that port? Or I need the pre-amp mic likes the plain-talk mic of the Old World Mac?

I'm not sure what a karaoke mic entails. Any microphone with a 1/8" stereo jack will work.