Just copy the ABC standards file from the ABC homepage [click from Mudcats Links or from my homepage], and you should be able to transcribe directly from the ABC onto music paper.K:Gm means key = G, mode = aeolian/minor, so you start with flatted B on the treble cleff. Notes CDEFGAB is the octave that starts with middle C, and cdefgab is the next octave up. | starts or ends a measure, and \ just means continue the tune on the next line. The :| is the same (repeat left) as in normal music notation. L:1/8 means I've used an eight note for the default note length, so any letter-note without a number or / behind it is an eighth note. X2 is then 2 times the default note time (the eighth note) = a quarter note, and X/ is the same as X/2 which means divide default time by two for a 1/16 note. X3/2 is then a dotted eighth note. Q:1/4=100 is the overall tempo and you can change that 100 to whatever you like. Incidently you can get download ABC2WIN for free from that website and you can play (through your computer's speaker only) and display the tune in normal music notation for free. You've got to pay something, I've forgotten exactly what, but not much, in order to print out the music in music notation. You can also down load programs there that will convert ABC to MIDI format if you like that better.
If the tune isn't very complicated, then ABC is really a very simple and compact way to note a tune.