I want to be able to connect up my PC and iPod to the same speakers at the same time using a 3.5mm jack (very fiddly at the moment) - I have seen this Speaker and Headphones Splitter and wondered if it could be used for this purpose. Would it work?
You could build your own solution if you are looking for a fun project for the weekend.
The other way is also possible, use for example 2 inputs and 1 output (with a switch): http://www.instructables.com/id/How-to-Construct-a-35mm-Switch-diy/
Please, check the picture for my own result of this project: