Yes it will work.
The G340 headset is a USB audio device, so it acts as its own 'sound card' obviating the use of the existing 2.0 card in the machine.
Headphones have virtual surround sound system which attempts to create the perception that there are many more sources of sound than are actually present. So even if you have a single source of sound the system can trick you into believing that the sounds are coming from different sources. This is mainly done by the audio driver. Any headphone itself is a 2.0 system in reality but making it sound like a 7.1 is basically done by the software.
1Not that this answer is wrong - but it kind of misses the point. The G340 headset is a USB audio device, so it acts as its own 'sound card' obviating the use of the existing 2.0 card in the machine. – Tetsujin – 2015-05-11T13:16:00.497
Yeah right, I completely forgot about the specs of the G430. It has a USB connectivity in which you can plug in the headphone and mic plugs. Thanks for reminding it @Tetsujin. Really appreciate it. Feel free to edit the answer if you think it is necessary. – Ayan – 2015-05-11T14:22:15.453
1I just dropped my paragraph into the middle of yours - seems OK that way. tbh, I'm not sure how the G340 achieves its 'magic' so I'll leave that bit as is. – Tetsujin – 2015-05-11T14:25:16.133