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You'll need a record player, a phono-preamp (I bought mine from phonopreamps.com) to compensate for the RIAA Equalization , a good soundcard, and, of course, audio editing software.

I'm not a huge fan of most of the programs that are dedicated to importing vinyl to your PC.

You can use an audio editing tool like Adobe Audition, Audacity & but, frankly, the simplest and least painful tool for importing vinyl I've used is the Plus! Analog Recorder, which is packed inside of Microsoft's Plus! SuperPack for Windows  ($30).

Good rule of thumb: the more your process the audio to scrub out clicks, pops and hiss, the more of the music you lose.

Another rule of thumb, unless you enjoy this& buy the CD if it's available!