Yes, you will need a phono preamp (also known as a phonostage). There are some cheap ones out there (RadioShack has one for $30), but to start getting quality ones (without major distortions or hum) you need to get to the $100+ range. The Hagerman Bugle for $150 ($100 if you build it yourself) is suppost to be one of the best in its price range (<$150). Another option is to buy a vintage receiver. There are many with good phono stages in them (I don't know much about vintage electronics so I can't help you here). If you go with a vintage receiver hook the inputs on your EMU 1212m to the tape-out or loop-out on the receiver.
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Chaintech AV-710 Setup Guide || Folding for Head-Fi since Aug '04!
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Digital Rig: EMU 0404 -> Headsave Classic (HSA2 version) -> Beyerdynamic DT770 Pro/M-Audio BX8 speakers
Analog Rig: Technics SL-1600 MKII (w/ Ortofon OM20) -> Harmon Kardon 730 Receiver -> DT770 Pro/M-Audio BX8 speakers
Portable Rig: Rio Karma -> Koss PortaPro 2
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