I found this page, which is a good reference for sound card hookups....
http://www.epanorama.net/links/pc_so...ml#interfacing
After reading it, I'd have to say I can't actually remember hooking up a dynamic mic to my sound card. I know I plugged my guitar into the mic input and it worked pretty well. But after reading this I'd have to say that I would recommend using a preamp and going into the line-in. I use a low cost Behringer mixer and record usding line-in.
There is even a warning in that link about the possibility of damaging a dynamic mic because many sound cards supply 5v on the "ring" of the jack for powering electret mics. Also the link mentions 10mv as the minimum input level. In general I would bet that it would work, but wouldn't be suprised if the noise level was high.