Essentially, not enough stereo plugs, although you can do so. I would recommend that you avoid the splitter since it does degrade the sound. Have you tried using a headset that has a built in splitter? Those usually reamplify the sound so that it isn't a noticable degrade.
naw I just have this really stupid rig now where I plug the mic into the sound card and the headphones into my speakers so I have to two wires from headset stretched they can reach both...I'm just glad the speaker with the headphone jack is on the same side as the tower or else it would never work