This is the way I do it:
My stereo(with record player) is connected to my soundcard (SB128PCI).
Than I use the program "spin doctor" to record a song to my harddisk and after that you can remove noises and other stuff to clear the song, then wen you're satisfaith with the results you can burn it to a cd.
It also workes with cassettes.
BTW "spin doctor" is a part of adaptec easy cd creator 3.5 and 4.0.
So I hope this helpes????????????