If you're at all interested in jamming online head over too [Invalid or Expired Link Removed] and download the latest beta of their near zero latency online jamming interface. It's still a little rough around the edges, but I'm being nitpicky. It's definitely worth a look. I've used it in the past to jam with friends that live in other states and it's worked pretty well considering. It will be a subscription service when they release this version out of beta and beta testers get a discounted price - approx $7.50/month or $59/year is what I've heard from their online support guys. They're are people on right now from all over the US, Canada, the UK, Germany and France. It's free for now so check it out! 
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;otherwise, it worked quite well on my ancient dual P3 700. When I wanted to talk to the person I was jamming with, I had to run to the back of my computer and switch my bass and microphone jacks.