Can this work on a home stereo.

Yes, it works both in car audio and home audio application

Will this eliminate the buzz between my record player and receiver?

You can usually eliminate hum between your record player and your phono stage input by grounding the two devices together with a dedicated wire, usually built-in to the record player, which attaches to a stud on the phono preamp or stereo.

Can I use this to isolate a phantom powered input and headphone output?

Yes this should be possible for AC circuits