I'm definitely no expert on this, but I have tried something along these lines using Audacity, sometimes more successfully than at others. Maybe this will give you a starting point: Ripping Vinyl to 24bit 96kHz Apple Lossless — Apple News, Tips and Reviews

Hi there. I've done quite a bit of this and am very happy with the results. Audacity is a very good program for ripping to the hard drive at 96/24. I then use Diamond Cut software to edit the file - cut it into separate files, remove noise, clicks. You can use any audio editor you like (including Audacity) to cut the file into tracks. It pays hugely to have the LP as clean as possible before ripping it. One tip I really recommend is half speed mastering: play a 33 LP at 45 and use Audacity to speed it back up to 33 - it really works. I find the ripped lp sounds much better than a cd. Good luck.

Thanks for your input!

I also am looking into converting my LP collection over some form of digital files. How are you connecting your phono preamp output to your computers? I assume you run it through some sort of DAC that has has some sort of computer interface output....USB, etc....

I have a Dell desktop with XP running on it but have been thinking maybe it's time to upgrade to a new desktop with Windows 7 or 8.

I did it via TT / preamp / ADC /spdif input on the computer soundcard. It is difficult to find an affordable ADC with good quality. But you'll probably find that TT to preamp to the phono inputs on your computer's sound card will sound very good. I have done this and did find some noise. But I treated this with DC7 continuous noise reduction filter and its clean. Sometime I also do rumble reduction, manual click removal, etc. You get better with practise. I reccommend you try this before you part witth a large amount of cash as you may be surprised.

I havent noticed any sonic difference ripping via win2000, vista or Win7. Ive only done it on 32bits and there might be a little improvement with 64 bits. I have never used a usb ADC so can't comment on this. I would guess any computer noise on the usb power would be removeable as easily as the noise from my soundcard.

The only downside is the time it takes to do the recording, restoration. track separation and meta data. But you get to play that vinyl again!