You could not go far wrong than buy the current Numark TT-USB package, which is retailing about 110 quid (I think).

This is a 33/45 RPM turntable with a decent tone arm and cartridge, with a USB interface. It digitises and uses a USB codec (on Windows/Mac) to record the data packets. Audacity is supplied with the package, so it's an all-in-one bargin.

I bought one of these so my Dad could digitise his 1,000+ record collection (some dating back to the 20's) and put 'em on CD. He is not going to bother with MP3 data CDs as he doesn't have a suitable player: so in combination with a CD-burner package (free with his Dell) he's as happy as Larry recording his favourite albums.

What impressed me about this (and not just 'cos I work for Numark ) - up an running in 15 minutes, recording a minute later, learning how to clean up the recording, label and split out tracks 30 mminutes after that, then listening to the finished CD - all inside one hour. Perfectly acceptable quality, even to my jaded ears. It's even possible to record an album at high speed (eg. LP at 45 RPM) and then get Audacity to speed adjust it for you: one shellac 10" 78 came out sounding as clear as a bell after noise processing and speed correction - genuinely astonishing!

So I can highly recommend this as a solution with minimum effort and good value for money. Go for it!