All you need is a turntable, Audacity and some cheap cables
I use Audacity. It works great. It has a bit of a learning curve, but nothing too difficult.
Download Audacity (here) and install it. I think the only change I made to the Audacity Preferences was to change Recording > Recording > Channels to '2 (Stereo)'. Keep 'Quality at 44100 Hz in the (slim) case you'll ever want to make a CD. You will also have to download the latest Lame MP3 encoder, which is free to the user but Audacity can't include it for free - see the release notes for instructions.
The first thing you have to do is hook up a turntable to your computer. My turntable has a set of RCA cables that plug into my amplifier, but these don't have a strong enough signal to drive the soundcard (or sound input) in a computer, so I use another set of RCA cables from the SIGNAL OUT on the amp to my computer AUX IN connections. I use a 2-RCA-cable-to-stereo-phone plug adapter at the computer. Audacity website has tutorials on how to set it up and how to hook up your computer, here.
Now, with a record playing I can hear it through the computer speakers. Cue a song on your turntable, and hit the record button. When the song finishes I never 'Save' it, as saving is to a proprietary Audacity format. I Export as a MP3. When you do that, there is a drop down asking for the bit-rate you'd like to use - select at least 128, more being better. Then it asks you to enter metadata, like artist, track title and more.
Once you figure it out had have it working, the biggest hassle is cueing up and listening to all those songs one at a time. BUT, if you want to, you can copy the whole side of a LP in one go: After you've recorded it all, look at how long the songs are and then at the waveform. You'll find flat spots in the waveform at the timing marks for the song. That is, if the first song it 3 minutes, there'll be a flat waveform at 3 minutes.
First I delete any extra time or sound at the beginning of the recording. Then I click to delete everything after the end of the first song, and then Export it as a MP3. Then I Undo the Delete, and delete from there (the end of the first song) to the beginning. Now the recording starts at the 2nd song. Find the 'flat' spot at the end of the 2nd song, and delete to the end of the recording - Save as MP3, undo what you deleted, delete from there to the beginning (that is, delete the 2nd song). Rinse, lather repeat until all songs are saved. It sounds klutzy, but makes sense as you do it.
Again, there are tutorials on the Audacity website. There are also several videos on youtube explaining Audacity.
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