I've done many projects based on VLC and WMP, although I prefer VLC.
it will be of course a realtime visualisation of the micro input.
the bid is for a simple form showing X,Y axis, X is for time, Y is the amplitude of the sound level at the microphone.
Are you sure you don't need any data processing of the signal? no FFT?
You will be able to select which microphone to use, in case there are many soundcards.
You can also check/set the microphone level.
in 24 hours the project could be ready.