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
128x128theo
All:

Very good posts, and helpful. Might I ask a question or two? I am interested in transferring some or all of my vinyl collection to digital for archival and convenience reasons. So I would prefer to archive them at 24 bit, 88.2 or 96kHz minimum. Since I only want to do this once, I would like to feel comfortable that the quality is quite good.

I have an Oracle Delphi table running through a Cary phono pre. However, I have an HP laptop which has no analogue inputs. Even if it did I understand I would be better served using an outboard A/D converter. Then I assume I would need a more audio friendly soundcard, yes?

Can you advise me about:
1. A good A/D converter for this purpose. This seems to be the difficult thing to find, at least from a good audio perspective.
2. A good sound card for taking the digital signal from the A/D converter
3. Anything else I might need to know, such as better audio grade software (Pure Vinyl is out since they only serve Apple computers, which is well and good except for those of us that don't own one). I see some recommendations above for software to perform the needed admin duties. Seems that FLAC files are all the rage, so that would be a plus, but WAV would be acceptable.

Thank you for any detailed information you might want to provide!!
I have a business doing this and can make 24/192 recordings as well as removing any noise.

There are many excellent ways to do this, and I'm sure all have given you good advice. After I transferred my LP's to digital, I discovered the only short coming was in my analog rig. After I upgraded the cartridge I decided to do it all over again, which is what I'm doing right now.
I've developed a pretty efficient and good sounding procedure in recent months.   

I use line out from pre-amp to an Art USB Phono + converter then USB in to laptop making sure high res stereo recording is enabled on the USB microphone device.  I use Audacity software on the laptop to record, edit and process.   Audacity is freeware and the ART device can be had on Amazon for <$100.  It also functions as a phono pre-amp as needed.  Very functional and flexible device.   I then use Picard freeware and db Poweramp software to tag as needed.

I set levels and record in Audacity once the needle drops on side 1 then continue recording until side 2 is complete.    Next in Audacity I delete out extra data between sides for a smooth transition between last track on side 1 and first on side two.   Then I play the tracks to add labels to designate breaks between  tracks at proper locations.  

Then comes click removal followed by normalization to complete the processing.  Next I export many to export each labeled track to a file in the target library directory.    The files are loaded into Picard to autotag or if no  suitable matches for tags can be found there  I tag manually using dbpoweramp.   Finally I run my Seagate backup software to get  a backup of the new files right away and rescan my Squeeze Server library to pick up the new files in that library.   Plex autoscans and picks up new files automatically.     It takes me 20-30 minutes in general to complete the processing once recording is done.   Results are quite good with a little practice and I think the results would suit most here.