I was wondering if it was possible to split a jack made just for headphones into two jacks for headphones and microphones. If this is possible are there any cheap splitters that work well?
Depends on the jack itself, but usually not (and definitely not since you just specified it was output only). If you see three positions on the jack it's for left, right and ground. If you see a jack kind of like the apple headset one pictured below then the fourth gold space is for the mic.