PolderbitS and Depopper are both inexpensive shareware, and they both offer full-function free trial periods. Audacity is completely free of charge, and is a very powerful editing/conversion program.
Step one: hook up your turnatable and pre-amp/mixer, and run the line into your soundcard/recording software.
I am using PolderbitS to record the raw sound onto the hard drive:
http://www.polderbits.comI took a signal generator from work and calibrated it so that "zero" on my mixer was the correct volume into the PolderbitS software (I own a small dialogue recording studio, so things like signal generators are easy for me to borrow--if you don't have access to a signal generator, do a few 'test passes' with your volume levels, and listen to hear if it sounds right. It's hit and miss until you get it right, and, of course, vinyl has a wide variety of volume levels, which very label to label, pressing to pressing...). Be sure to set PolderbitS' input quality setting as "CD Quality Stereo"
The soundcard/PolderbitS software will record the sound into WAV format.
Step 2: Once you have the WAVs you want to convert to MP3, run them through Depopper:
www.droidinfo.com/software/depopper/
Depopper will remove most of the pops and hisses one gets with vinyl. Best of all, the factory defaults are the best settings, so you don't need to monkey around with them. Unfortunatley, Depopper can't process MP3 files, so they have to be run through Depopper BEFORE converting them to MP3. Depopper takes a long time to process the WAV files. The last time I did a pass, it was 15 full-length LPs, and I just let it run all night.
I usually record each side of a record as a separate file, i.e. "Slayer Reign in Blood Side 1.WAV"
Step 3: Take the file you've created, and load it into Audacity:
audacity.sourceforge.net
Use Audacity to edit each file, and then convert/save them as MP3 files. Audacity is freeware, and it's very user friendly. I cut each track of the album side separately, and fine edit things like the fade in/fade out, etc. Then simply "save as" the title of the track as an MP3.
I don't notice much of a difference in audio quality between MP3 sample rates. Even the lowest quality MP3 rates surpass the quality of vinyl, so the imperfections aren't apparent.
To date, I've done about 400 LPs and 12" singles, and over 600 manufactured CDs. The cool thing is that I can carry hundreds of full-length albums on my laptop's hard drive, and I plug my laptop into my car stereo for long trips.