Patrick
The best way is to hook it up to an oscilloscope and look at the wave form to make sure it is clean. But if you don't have one, you can fake one. 
Do a google search (or bing search, yahoo search, etc) and look for SOUNDCARD oscilloscope and download this :  
There are hundred others. That's just the first one I've found. They are usually limited to audio freq (maybe up to 44khz) but also by the quality of you sound chip - usually good enough this kind of work. 
Also read the instruction carefully so you don't over power you mic input and blow it up. 
Jong 
                                              Hello
Hi everybody.
I just bought an audio oscillator and I could some help in figuring out what kind of shape it's in (so I can leave feedback). It was quite a bit less expensive than some of the others on the page.
It's a Hewlett Packard Model 204 D. "D" as in "Dinosaur".
Does anyone know of a way to put it through its paces??? I only have a VOM and a grid dip meter here so ANY help would be appreciated. 
Best Regards
Patrick