Raspberry Pi Project for Artwork : input triggers output II

The project is to create a 'repeating memory of sounds heard': ie. for a microphone to listen to what is happening around it, and a number of separate speakers to then play back audio tracks of what has been heard.

My initial suggestion for schematic_
_ Schematic attached for discussion

Possible Approach_
_ use a single microphone, connected to a Raspberry Pi which records tracks to the memory card
_ programme the Raspberry Pi to sort the sounds into separate playlists dependent upon variables
_ for separate speakers to play different playlists

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Application_
_ The project is to be integrated into an artwork which I am fabricating
_ I would like to be able to understand the logic of how the project works, if possible
_ I would require sketches to illustrate how to connect parts and calibrate if necessary

Budget & Procurement_
_ I have set the budget at £100 for development of the project - this does not include cost of parts
_ I am happy to negotiate prices per stage of development eg. for production of concept, for testing and refinement etc.

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Please do get in touch if you have any queries about the project.