I'm using a digital recorder (Olympus LS10) with a line in direct from my hifi turntable. This can record in MP3. These then go into the computer, edited using Roxio Sound Editor to clean up the recording and to split up the tracks. I only ever split the tracks manually. Then the tracks go into iTunes and I add in the rest of the information I want often including lyrics downloaded from thr Internet.

I appreciate that there are many other ways of doing this job, but I thought I'd mention that this system really works for me.