What's strange about the feedback sound?
That it happens at all?
Or does it sound weird?
Are you *sure* it's feedback?
What are you plugging into the audio input?
If it's a microphone through a pre-amp, is it possible that it's just, well, feedback? I.e. the sound from the iMac's speakers running into the microphone and playing back out through the speakers and back into the mic etc.?
Does it go away when you mute the track you're trying to record?
Does it go away when you use headphones instead of the speakers?
If so, use headphones while recording "real" instruments with a microphone.
Good idea anyway, since you'll otherwise be recording the playback from the speakers as well.