As many have said, you can play DVD or VCD based Karaoke discs using the machine, and the device you have listed. The CD+G discs, which tend to be more available in song titles, etc. would not play.
Exception is that if your player can play CDs and have a digital code output (you can find this out quickly in your manual or back of the machine where it will say digital code output), you can buy an external CD+G decoder that will also function as a mixer for your mic, key change, have effects built in etc. I have only seen a few of these and they go for at least $300 or so but if you want to keep the machine, this may do it. I can't recommend any brands since I haven't used it myself but here is
one example of such device.
One thing nice about this is, and I would only say it's for home use, not for professional use, I can hookup my Sony 300 CD changer to it and never have to fiddle with my discs. I may end up getting one of these and set it up my home system so I can put all my disc and use it as a jukebox type of thing.