First of all, forget the computer, you don't need it. On second thought, start an iTunes account and buy all the digital versions of your original recordings you can find. (If I can afford 99 cents per song, you can). After that, forget the computer.
Get a stand-alone CD recorder and an equalizer or mixer to use to set your record levels. Get a CD-RW disc and some CD's. Make sure it says "digital audio" on the label instead of just "compact disc recordable" on it. I assume you already have a turntable.
What I did was set the recorder to Analog and put a CD-RW in there in case I screw-up a song (likely) and be able to erase it. I put the song on, turn the record knob up all the way and use the EQ or mixer to set the levels at 100%. After that I turn the knob all the way down and cue the song on the turntable make a mental note how the label is situated so that when I start the turntable, I can estimate when to start the recorder and turn the knob up all the way right before the song starts. When the song is over, turn the knob down all the way and stop the recording. This way, you won't have any 'bump' sounds at the beginning or end of a song which would happen if you just record and guess when the song starts. I have the MSFL version of "Abandoned Luncheonette" by Daryl Hall & John Oates and recorded it this way and it came out great. It sounds better than the commercial CD.
Also, don't forget to finalize the disc. After that, you can use your computer again to rip the CD to the computer and burn it back to a CD. But again, get as much digital versions to replace as much vinyl as you can first. I went from 4 VHS-sized boxes of 45's to maybe 1/3 of a box of singles I won't part with (Ever hear of a 'collectible download')?
This way you're saving money on hardware and software and spending hours figuring it all out.

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