If you want to back up vinyl, and have it sound even remotely close to full spectrum vinyl quality, then back up to top end tape. If you you just want somethi g to play with, than there are a couple of ways to go to mp3. There are farly cheap turntables that will do it automatically and shoot it to the pc.
However, for quickie backups like this I use a Behringer UCA202. Cheap little digitizer that can be connected to almost anything RCA cables in, USB or optical out, along with a phone jack for monitoring. Also comes with a little pre-amp just in case. Maybe $30.
Is it the very best way? Nope, but you would be taking the fullest range audio down through tape, disc, AVi, and other no loss file to mp3. What's the differece? Now, if you can find a consumer device that will digitize to a no loss file that would be great. However, by consumer device I mean one that would be priced in a manner that would make the backups worthwhile.
While I I am sure you could get software for this, I wouldn't trust a virtual digitizer to do the job.
Either way, if you just want mp3s you should be able to do it for under $100.
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