Equipment

A turntable with built-in USB output requires the least amount of overhead, but you can use any turntable (do not buy a new turntable for this if you don't already have one). You'll also need a preamp, which you already have some way or another if you've actually been listening to your turntable. Most entry-level turntables have one built in.

I bought the Audio Technica AT-LP120XUSB specifically because I wanted to be able to digitize records. I like the way it looks, runs, and sounds, and it's not terribly expensive for what it is. It's also possible to use the USB function to listen to records through your computer speakers.

If you have a turntable without USB output, you can still hook your preamp up to your computer's headphone jack with an RCA-to-3.5 mm cable.

Software: Use Audacity. It's free and you can get it on any OS, there are no excuses.

Recording

Connect the turntable to your computer. (On the AT-LP120XUSB, you'll also need to turn the preamp switch on the back to "line" mode.) In Audacity, set your microphone to the line-in channel (Edit > Preferences > Devices > Recording > Device). You can also pop into the Recording menu in the Preferences window and check the box that says "Software playthrough of input" so you can hear the record while it's recording.

Under the quality menu, you can also futz with the sample rate and bit depth of your recording. The Audacity defaults of 44.1kHz and 32-bit are fine unless you're picky about audio quality.

Hit record and play through the album normally. When you have to flip it over or change discs, you can pause the recording or let it run through the process. You're going to clip out everything that isn't a song anyway.

Labeling

In theory, you can post-process the audio however you want. Some people like to edit out the noise. I think the record noise is the best part, so I leave it. If you want to edit your recording at all, do it now (but if you're doing that, you don't really need me to tell you what to do...)

Find the beginning of your first song and set your cursor down there. Go to Edit > Labels > Add Label at Selection, then label the song accordingly in the text box. You'll see a circle with 2 arrows where you put the label down. Drag the right arrow to the end of the song. Alternatively, you can select the entire song before adding the label so this process is completed for you, but I think blindly guessing where the song ends is a pain. (This particular album is a live album and every song but one clocks in at more than 8 minutes, so. No.)

Continue with this process until you're done labelling the album.

Exporting

Go to File > Export > Export Multiple. A popup will come up asking you where and how you want to save your files, so fill that out. Make sure the bottom half of the window says "Split files based on labels" and "Name files using label/track name."

Once you click "Export," you can fill out the metadata for each track. You can also save a template so it'll auto-populate the album information for you, which is useful if you've got a lot of tracks.

Wait for everything to finish exporting, and you'll have a successfully-digitized recording to enjoy! I usually don't save the original recording, but it might be a good idea if you want a backup.

Now if you want to get really wild with this, you can take your freshly-recorded album and burn it onto a CD. Which I have done.