search around. I was into this around 98 before there was mp3 but I got discouraged by the lack of a burner (they were $500 at the time) and the lack of a player. But I did hook the turntable up to the computer and got input, so that's a start.
Connect a turntable to your computer like Mags suggested.... you'll have to save it as a wav then get a program to conver from wav to mp3... then burn the MP3's onto a CD in CDA format