From the MPAA web sight (I know they deal with movies, but this applies to music as well);
"If I can make an audiocassette copy of a CD, or a VHS copy of a television broadcast, why shouldnâ€™t I be able to make a copy of a DVD that I own?
Copyright law and the U.S. Supreme Courtâ€™s 1984 "Betamax" decision provide for "fair use" of copyrighted material. For example, scholars and critics can quote lines from a book in a review without fear of incurring copyright liability. Or, a soap opera fan can tape an over the air TV show during the day to watch later that night â€” under the Betamax decision, an unscrambled broadcast can be copied for this type of "time shift" personal use.
BUT "fair use" is not an open-ended concept. It does not justify any action an individual may take with a copyrighted work, whether they have purchased the copy or not. It is a right to use what is available, not a right of access to works for fair use purposes. For example, the law has always recognized that a show sent by scrambled pay-per-view signal may not be viewed or copied through the use of an unauthorized, illegal descrambler. The owner of the signal has â€“ and has always had -- a legal right to scramble the signal to prevent unauthorized access to the signal for viewing or to make copies of the show.
Most importantly, this concept of fair use does not override specific statutory enactment such as the DMCA, which are intended by Congress to give clear protection to the rights of the creative community to use technological means to protect its product. It is this protection which has enabled the motion picture industry to launch new products in digital format, such as DVDs."
As I see it, it is a matter of access. Would you have to override or break a form of access control the owner of the copyright made a part of the package? For vinyl albums, no. You purchased the right to listen to those albums whether they are are on tape, cd, dvd, etc. You may transfer those songs "as is" to another medium and listen to them. You may allow other people to listen to them. You may not assume you have ownership of the artistic work and sell the artistic work as if you owned them but you may transfer ownership of the medium they reside on (which is how wholesalers, retailers, etc make their money-they are selling the cd medium for $14.99 and paying the artist/record company a fee for having the songs on there). Which basically means the owner of the copyright could choose to sue you if they thought you were profiting and did not pay them but the courts would have to determine your motivation and whether you violated the copyright owner's rights.
So you are within your rights to transfer the songs to another medium. As far as downloading them, they would need to be a 1:1 digital copy of the songs you had on your album, no DJ's allowed.