Well if the mic requires phantom power to work , then obviously you won't be able to connect right up without running the mic into a mixer or device with phantom power.
I just did a little test for you concerning guitar inputs which should work with a mic with a standard 1/4'' connection (I'm guessing). I plugged my guitar into the 500 and to my surprise it sounds really good. There is a mic/input button on the back of mpc that toogles from mic mode to input mode. The only difference I noticed between to two modes is that the mic mode boosts the signal slightly, but I can hear my guitar in both mic mode and input mode. I hope this helps you bro!!1
