This is a fairly involved question, because of the variations in the hardware and software required for the task.
1. You will need a phono preamplifier to amplify the low-level signal from the turntable’s cartridge and apply the RIAA frequency correction. Phono preamps run from about $25 to over $25,000, so a recommendation depends on your pocketbook. Low-cost phono preamps include those made by Goldring, Cambridge Audio, NAD, and Rotel, among many others. Use decent cables.
2. You will need a good A/D converter. The one that came with your PC will likely not be that great. I use an M-Audio Audiophile 2496, which works well for the money. There are many such products on the market, as well as external units that use the USB 2.0 and/or Firewire interfaces (e.g., M-Audio, Edirol, Digidesign).
3. You will need good audio recording and editing software. I use Audacity, which is available free from audacity.sourceforge.net. Audacity runs on Windows, Mac OS X, and Unix/Linux. It is an exceptionally good product and it is *free*. Alternates tend to be expensive (e.g., Digidesign ProTools LE).
4. You should record the material at a high sampling rate and resolution (e.g., 24/96) if you need to do any editing, apart from chopping the audio data into separate tracks. If you normalize the amplitude of the different tracks and/or do any other operations on the data, you should be using Audacity's 32-bit float data format and not its 16-bit or 24-bit integer formats. If not and you are only planning to record CDs, you can record the data at 16/44.1.
5. Export the audio tracks from Audacity as 16-bit signed WAV files (PCM format). Use the recording software that came with your CD (e.g., Nero Express) to create an *audio* CD. Select and add any WAV files you want on the disk and burn it following the instructions that came with the software. If you want to do more than just the basics, you will need to purchase a more comprehensive software package (e.g., Nero Ultra or Roxio Media Creator for Windows, Roxio Toast for Mac).
Optional, for the more ambitious: Take those high resolution audio tracks that were recorded at 24/96 and converted to 32-bit float in Audacity, export them as 24-bit signed WAV files, and burn them as an *audio* DVD. (Note: this is not the same as creating a DVD-Audio or DVD-A disk.) You will need a better recording package than the one that was bundled with your CD, such as those mentioned in paragraph 5, above. All DVD players are capable of playing uncompressed 24/96 PCM audio, although the format is rarely used.
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