Converting LP to digital. Advice please...

I am looking to archive some vinyl onto a hard drive that I can then transfer to CD. I would like to take it from line level output to a A/D convertor then store it on a computer hard drive. Then have a program that will allow me to take each LP side and dive the songs into individual tracks. Suggestions on a/d conversion and software would be appreicated greatly
Theo, your proposal woudl certainly work, but using a cd recorder for the a/d conversion, or creating a cd then loading it onto a drive as a digital file, necessarily limits the final quality to no better than cd quality, whereas if you use a better a/d you can create 24/96 .wav files which are closer to the quality of the original lp. uses a lot of hd memory, but that is pretty cheap compared to our other toys, on this forum.

Tried using audacity today and was able to record but can't get the file to my media player to hear it. Will play more with it tomorrow. I have a mic jack on my computer but was wondering if a usb to rca cable would be a better choice.
It takes a lot of time and effort to do this, so you should try to get the best sound for the least effort. So don't use a USB input or the mic input. These restrict the quality you can get before you even record. They both use the factory sound card, which are usually mediocre at best.

Read up on sample rates. I use an M-Audio Audiophile 24/96 sound card - new about $100, used about $40. Run a line level input to the card, or S/PDIF digital (if your system has digital out). Use Audacity or Roxio CD Spin Doctor to record and remove some of the more egregious pops and hiss, cut into tracks and label. Save as Apple Lossless format to iTunes. From there you can play through your computer, output to your amp, burn CDs. More money yields better sound, but one must be reasonable.
Thanks Craig c i am checking out analog to digital converters now along with a second hard drive. I have been procrastinating on doing this for a long time going to get all thats necessary and get it done.
I used the attached with my Sonata MC-101 with great success it is simple to use and works well with a windows machine

Roland UA-1EX