This is actually as easy or hard as you make it, depending on the quality you want. I don't know too much about it but the one time i did it I did it this way :
1:
Got a lend of the CD version of one of the LP's I was copying
2:
Looked at the wave display of the first track on this CD in Cool Edit and saved it to my HD
3:
Took a stereo line out of my turntable, into my mixer, and out of my mixer into my soundcard. ( I realise you may not have a mixer, but maybe this will help anyway )
4:
Recorded into Cool Edit and adjusted gain and EQ on mixer and stereo until Waveform looked like and sounded something like the 'test' waveform I had saved to HD
5:
Reduced vinyl 'crackle' using Cool Edit. ( Don't overdo this or you will lose sound quality)
This is by no means the right way to do it, but for my purposes ( making my girlfriends mother happy ), it worked !
If you want to get more involved there is a guy called Graeme who does this for a living. You can find him on the Cool Edit forum.
http://forums.syntrillium.com/forum.asp?FORUM_ID=15&CAT_ID=4&Forum_Title=Cool+Edit
This guy knows his stuff.
pAp.