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The Kindle will not accept your SD card as it has no slot. The Kindle 3 holds about 3500 ebooks on its internal storage.
You also will not be able to read any books bought for your Sony 505 on the Kindle until you remove the DRM and then convert them to a Mobi format.
As for buying books, loading them into Calibre and then sideloading them to the Kindle - you can certainly do that. You also configure Calibre to email books to your Kindle without having to connect the Kindle via the USB cord.
You can also shop directly from amazon.com and wirelessly send the books to the Kindle without plugging it in anywhere at all.
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