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.

As much as I know about the subject, this site has everything you need: http://www.delback.co.uk/lp-cdr.htm

If there were a defacto-standard on the subject, that site is it.

Take a look at DART (Digital Audio Restoration Technology).