If you only have one 3.5mm on the laptop, that means it is a TRRS (like you would find on a smartphone) jack rather than a TRS (what you would normally find on a computer) jack. You will either need to buy a headset designed for a smartphone, or buy an adapter (like this
With that out of the way, I'm going to suggest you stay far away from that headset you linked, and in fact, you should probably stay away from headsets in general. Most of them are garbage. The few that aren't are extremely overpriced.
At the price point you are looking at, you're really just asking to be disappointed. You really need to double the price before you will run into anything half decent. A little over 30 bucks can get you a pretty decent setup with the Superlux HD 681
and a Zalman clip on mic
If you really must pinch those pennies, keep the Zalman mic (it is really the cheapest mic that won't make people's ears bleed), and pair it up with Monoprice's budget "DJ" headphones
for about $20 total.
Anything less and you really honestly might as well rip the speakers out of your laptop and strap them to your ears with rubber bands, while using the (inevitably atrocious) microphone built into your laptop's webcam.