Vinyl:
1. A good turntable, I have a Beogram 2400 used from Ebay.
2. Preamp, I have TCC TC-754 RIAA Phono Preamp from http://phonopreamps.com/. Read the manual.
3. Connect Turntable to preamp, connect a ground wire between the two this will prevent static "hum".
4. Download Audiograbber, read the manual, get to know all the functions.
5. Connect preamp to PC sound line in. If not done, connect sound line out to your sound equipment.
6. In Audiograbber select your settings, I use 192 bits MP3 with normalizing, and select the folder, folders you where you want to keep you music.
7. Put the best of your LP's on the turntable, play the first track and ajust the record level, Start the first track again and press the record button on the Audiograbber, lean back enjoy the music and watch how the grabber works.
You can record LP's and 45 singles, on LP's the grabber split the tracks. You will have write Artist, song titels and album name in the tags, to get this to work with your Player.
CD's and Player (Jukebox):
I have been using more different players, but at moment I'm using Media Jukebox 12.
My biggest failure was starting out using Itunes, end let Itunes manage all my music, (4500+ songs 13+GB), Itunes convert all files to M4a and down to 128 bites, and if you do not keep your original files you will get all your files converted to M4a.
With any player you use, dont let it access your original files, set the players to access only one folder and copy the music you want the player to handle to this folder, if you have limited hard drive space, buy a external hard drive and keep the org's there, it's also a good and safe way to back up.
Now back to work.
Download Media Jukebox, read the manual and get used to it.
With the Audiograbber rip your CD's to the folder(s), the grabber will handle the tags and also get some artwork if you want it to.
Copy to your selected folder for your player.
Media Jukebox will upon start check the folder and update its library.
Get used to the player and make your playlist and let the player get the artwork, if you are missing artwork, and you will, go hunting.A good place is Amazon music, after that search Google. Use Album Artist or song title for search.
I have as of now some 250 CD's, 100+ Lp's and 70+ 45 singles on my PC with back up on an external hard drive, I still have to record some 50 Lp's and some 300 45 singles.
I have an old Compac Presario with 2 GB RAM, 160 GB Hard drive, Sony CD RW, Windows XP SP2, and I use this PC only for music,
I have a laptop where I have a second Media Jukebox, from my external hard drive I copy to the players folder and the jukebox runs from there.
If you have an Ipod you can copy from your Ipod:
Open Itunes and deselect automatic syncing. Close Itunes.
Connect your Ipod if Itunes starts close it.
Open computer, open External drive where your Ipod is connected, it will show diff. folders, select all, right click and open properties in general deselect read only, in folder view, show hidden folders.
You will now have 4 or five folders, open one after the other until you find one with folders named F00, F01, F02 and so on, Copy all these folders to your music player folder, depending on volume this will take some time, don't work on your PC during copy it can damage your files.
Disconnect your Ipod, open your player, your player will update with the Ipod files.
If you have Media Jukebox this will work, some players do not reconize M4a files.
Have fun you are in for a lot of work 
King Mexico