I just got an old Toshiba laptop, a Satellite 1135 series, that I plan to use for some mobile recording. Running WinXP SP2. I'll be adding a USB interface but in the meantime I've been experimenting with the onboard sound (Avance AC97 Audio) and Audition 1.5.
The noise floor with no input is bad (no surprise) but quite different on each channel............a fluctuating -58db on one and a rock steady -40db on the other.
Basically, my advice would be not to waste any more time on this! In my experience, the rock steady 'noise' reading is often caused by the soundcard having a DC offset on one or both channels. You may be able to remove this via the AA 1.5 options, but I've had machines where the DC offset changes with the mixer level or input selection settings. The cheap laptop I'm typing this on has apparently random hum problems on record as well as the DC offset. It works fine with a usb interface, though.
The Windows mixer "Stereo Mix" just feeds the output of the Windows playback mixer as an input to the record mixer. If the machine has a line input, it ought to be better to select that unless you want to record multiple sources or, say, from an incoming internet feed. The trouble is that, as is obvious, laptop designers don't seem too competent with audio design, and have been pushed away from using separate audio hardware, so it's anybody's guess which source to the Windows mixer will work least badly.