A few years ago I set myself the task of putting my LPs onto CD. I have now almost finished. I looked up a lot of info and found Wave Repair -
www.waverepair.com. I suggest you have a look and buy his software, it was only £20 when I got mine and it is superb. The practicalities involve coming from a line-out socket of your pre-amp (or a tape-out) and going into the sound card via line-in and that's about it.
The beauty of Wave Repair is that it has a very easy to use record interface - on-screen slider volume controls and level meters. After you have made the recording you can normalise and remove DC offset and then set about removing all the clicks and bangs. You can perform a multitude of filter and equalisation tricks.
You will become a perfectionist and the first LP will take you a week, but one does get faster as one gets to recognise the shapes of clicks, etc..
Some sound cards are a pain, but this is described on the web site. At the start of 2003 I made a new computer and put a sound card in rather than use the on-board and then I found it could not go to full level, it prematurely clipped. I switched to the onboard and it was perfect! (got a refund on the card!). This syndrome is also fully explained on the Wave Repair site.
I have had an awful lot of experience at this, learned the hard way so if you want to PM me then don't hesitate.
PS - also get a scanner, part of the joy is making the jewel case look like the LP sleeve. Cover Designer, which comes with Nero gives you an easy way of doing this.