I've got a bunch of old vinyl records I would like to transfer to CD. How do I do this. What equipment and software do I need and what is the best audio codec to transfer to for the best sound. Space shouldn't be a problem since I am guessing the available codecs aren't to different in compression - am I wrong??

I have a player deck (Bang and Olufson) but I am guessing I will need a preamp. How do I connect to the computer?? I would appreciate any help.