
OK, this is where it gets a little weirder.
You keep saying "phono jacks", but those are generally how you plug in a turntable. As a general rule, you won't get a microphone cable terminating in a phono jack. There's no law against it, and if you're handy with a soldering iron you could sort it out yourself, but it would be unusual, because of all sorts of reasons best summarised as: mics don't talk phono.
The normal choice, in this context, would be to put the microphone through some kind of mic pre-amp, to bring microphone levels up to line level, or through a vocal effects unit (such as the Boss VE-500), or through a mixer with an XLR input. You can absolutely plug a mic directly into the line input with a quarter inch jack at the end of your cable (it should hurt neither mic nor MPC) but the unamplified signal from the mic will be very low compared to what the line level socket expects.
I know that this hurts, but I would, in your position, make a little choice. You can get a cheap preamp, like the SE Electronics Dynamite, which is about $100. You could get a small mixer such as the Behringer Xenyx Q502USB which will boost your mic signal for you, for around $60. You could get a vocal effects unit like the TC Helicon VoiceTone T1 for well under $200. All of these will boost your signal for you. You see, if you just plug the mic directly into a line-level jack you'll be dozens of dB too low, and you'll lose a lot of dynamic range trying to boost everything inside the MPC Live. Mic level signals are way lower than line level, which is what the Live offers you.
But I want to tell you something else: you just spent good money on a good microphone, and on a good MPC. You want your vocals to sound hot. This means doing it right, and that means cracking the wallet for a bit more quality. Sorry to be the bearer of bad news, but I'd actually say that you'd get better results with an iffy microphone and a high quality effects unit, than the other way around. Consider something like the Boss VE-500. Yes, it's spendy, but it will sound good. And it will get you the right levels so that you can deliver a nice signal to your MPC and chop what you need.
I hope that this helps. The fact is that the MPC Live wasn't designed with studio duties in mind, rather than portable beatmaking. If you want a studio master, the MPC X is the beast with the power to do it all, including sucking in mic level signals. Alternatively, the Force can do it too, which is the direction that I took. And yes, just yesterday I took some vocal samples from a cheap dynamic microphone direct into my Force, and they sounded good.
But the Force doesn't have a battery. Maybe that's a deal-breaker for you.
Sex spreads disease, drugs poison the brain, but rock is still safe.