Ok, so I've been to the electronics hardware store and have bought the necessary components for the circuit below (posted earlier).
He has given me this audio jack which is a 2 ended 3.5mm jack. So basically(correct me if I am wrong) what I have to do is insert one end into my phone/ mp3 player and about the other end, Ill have to cut the wire in between to obtain the 2 wires inside and make the stereo to mono conversion and apply it at the place marked audio input...