Once the iframe code is copied into your clipboard, go to wp-admin > appearance > widget. Drag/drop the TEXT widget into your homepage one or two column zone. Paste the iframe code into the box. Here's a screenshot: http://d.pr/i/ZzLb
2) Use a soundcloud player plugin/widget:
Install a plugin such as SoundCloud is Gold (see screenshot: http://d.pr/i/I7pK ) Activate the widget then go to Appearance > Widgets and drag/drop the widget in your homepage one or two column zone.