I've also used audiotools (see guest, eric) and have really liked it. Continual upgrades are published (which you get free after buying) and Andrew Fish is always prompt in answering questions (he wrote it). You can record the whole thing and then put in the breaks (there is a fast audition mode), though I usually put them in manually whilst recording. It can also do this automatically but like above example, can be fooled.

I use tape output to go to the soundcard - so turntable attached as normal (or tape deck input)to my amp. I have used some post processing with other programs.

Cool Edit also looked good but I had audiotools which used less space - laptop only had a 1.3 gig drive.

Nobody has mentioned space requirements (or if they have, I've missed it - sorry) but you need 10 meg/min, or for a 74 min CD 740 meg. If you want to process stuff you need extra space - eg if I want to clean up a 5 min track I will need a spare 50 meg. I've had to be creative in file transfers to a CD-RW whilst doing stuff since I was working with 850 meg hard drive space. This might not be a problem for you if your hard drive's big enough.

Key thing is have fun!!

Cheers Rana