There's a nifty introduction to digitising your your records and tapes with Audacity over at Linux.com (the instructions will work unaltered with the Windows or Mac versions of Audacity). It's not certain that you won't be breaking the law by doing so, so if like me you have a lot of out of print music on vinyl, you will have to choose between keepng record companies happy or helping to preserve for posterity the work of the musicians they claim to represent.