[mshan]

You could start by just downloading the freeware program Audacity, then hook up your current turntable to your current sound card and see what you think.

I got the Audio Technica PL-50, connected it to the integrated sound of an eMachines T6528, and results were surprisingly listenable.

That AT PL-50 is surprisingly musical given it's low cost and plastic construction, but upgrading the analog to digital conversion to something better than integrated adc would probably improve results markedly.

And like others said, the most laborsome part is going to be separating a full lp side into separate tracks and then tagging them.