A suitable turntable is available in Aus from Dick Smith Electronics, I guess a similar product would be available in US, it's an Optimus Lab 1100, I paid AUD $139.00 for mine.

This can be connected to your sound card via a stereo 3.5mm plug into 2 3.5mm socket adaptor.

I then use Groove Mechanic software to separate the tracks, remove the clicks and hisses etc. Groove Mechanic produces .wav files from your LP/CD, it's then a simple matter to burn your compilation to a CD, here's a link to Coyote Electronics who supply an evaluation copy of Groove Mechanic. Click here to go to Coyote