I use an M-Audio Audiophile USB, a Macbook, and Audacity for recording with very good results.
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I use an E-Mu 1212 which comes with Wave Lab Lite. It has bal or unbal line in and out and comes with a software signal router. Im using Express Burn for burning. I am not very computer savy but I still found this system intuitive and easy to run. The sound card was around $100 at musicians friend. It has more bells and whistles than you need for ripping but the converters are very good and for the price it seemed a very good value.
Im using a B&K Ref.50 pre.
I record via the Tape monitor channels
I have a DBX-4bx in the tape loop too.
The DBX is a key product. ( $300 used )
The tape outputs connected to an Aardvark Q-10, 24/96 computer audio card ( you could use the Directpro series too. This stuff is cheap on ebay but you need an ISA slot in the PC. Im using a 2.66ghz CPU with one 2Gig sim. Xp pro.
( $225 used )
Cakewalk software via ASIO input drivers and the results are very good when I burn the mix on CD. ( $400 )
Dbx hardware expands the output, the Aardvark hardware give a clean input to the software and Cakewalk give you the ability to clean up any unwanted noise.
TurnTable combination. ( my no means is this the best, its just a thrifty solution )
Kenwood C2 pre-amp, via Denon Table using a Micro Acoustic 2002 Moving Coil Cartridge. ( $300 )