I was wondering if this DVD Burner would be compatible with my Dell Inspiron 530 X86 based PC (Let me know if you need more stats)
Yeah, it should work fine, but you'd save a lot of money by getting an internal burner.
Go on...
It means what he said, a Internal Burner is cheaper. Unless there is some reason you want to carry around your Burner.
Well, and internal drive is one that you install inside the computer, which isn't as scary as it sounds.
Something like this would work fine:
http://www.newegg.com/Product/Product.aspx?Item=N82E16827140040
And you'd need a cable for it too:
http://www.newegg.com/Product/Product.aspx?Item=N82E16812123170
Although the model of computer you listed should already come with a DVD burner. Are you having problems with that one or are you just wanting a second one?
If you want to spend that much. Get this one, retail with Sata cable, free shipping and 10% more off if you use the promo code.
http://www.newegg.com/Product/Product.aspx?Item=N82E16827249042