I think that one will only work for out.
I use this capture card:
http://www.pchdtv.com/
It works just fine, but it's a tad expensive. Sound also has to go seperately straight into your soundcard or speakers.
Edit: in fact the adapter you mention only works for output in special cases when your computer already can output rgb signal. It definately wouldn't work for input directly to a monitor.
gauauu: look, we all paid $10K at some point in our lives for the privilege of hanging out with Kevin