an ADC/DAC such as the Apogee Duet.
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you can find a digidesign Mbox for sale quite cheaply $100-ish on craigslist or ebay. they come with protools software. you plug your 'tape out' into the Mbox and the Mbox into your computer.
- the better the turntable, the better your CD will sound
- there's a small learning curve - hardly worth it just to do several LPS
it seems like it would make more sense to find someone who's got a good TT and the right software/interface who'd just do the job for you for a nominal fee.
you could put up another post asking if there's anyone in your area willing to do this.
My inexpensive solution for this (on a Mac) is an M-Audio Audiophile 24/96 USB converter and Amadeus software from Hairersoft. The converter cost under $100 on eBay and the software was $50.
But Daniel (Musicslug) is right, the associated equipment makes as much difference as the quality of the conversion. Even my little setup, which sounds pretty good considering, is improved with better cables. If your LPs are important to you, you might consider his suggestion seriously.
Either that, or use the project as an excuse to upgrade your turntable... ;o)
I've had great results using a free program called Audacity (There's a bit of a learning curve but nothing insurmountable.). I run my turntable, first to an inexpensive phono preamp that I purchased from a guitar store (around $50) and then out to my iMac via a left/right RCA cords into mini stereo plug cable I got from Radio Shack. I've got 700 or so albums that I'm chipping away at slowly by saving them to iTunes as AIFF files.