It's a bit of a pain but I converted a number of vinyl albums before I got totally hacked off with it.
Assuming you have the obvious hardware, you connect your turntable via an amplifier to your sound card. I managed to find a suitable one but you may have to buy one (probably phono plugs to 3.5mm) You then need software to "record" the sound. I searched and found WaveRep http://shareit1.element-5.de/programs.html?product id=100727&languageid=1
which converts the analogue input to a digital sound (Wav) file, and you save each track as a new file. The free version had limited functionality but did a good enough job for my purposes.
You then write the tracks to a CD as normal.
There are some good sites about this.
Try these for starters
http://www.delback.co.uk/lp-cdr.htm
http://www.pc abusers.net/vinyllp/vinyllp.htm
http://www.ganymede.hemscott.net/tutorial.htm#_Toc488904567
Any
problems, ask again. Good luck.
I would line out from record player to the line in of PC then record the soundcard with a freeware like Goldwave, Audacity, or CoolEdit 96 (old version). Though I guess there are other (better? ) ways..
Buy a copy of this month's PC utilities magazine for free software and step by step instructions including how to convert the resulting .wav files to mp3 on exactly this subject.