Record (LP) to CD question

[jadegypsy]

Hi,
I have heard and seen written in several articles that it is possible to convert LP's to MP3 files on ones computer. I was hoping someone could answer a few questions on this for me:

1) What software do I need, I have Windows XP.

2) What hardware do I need, I have an "mike" input jack on the computer, so used for a microphone, I don't have any other audio input jack. I already have the record player and the headphone jack on that with an adaptor and a two way connector...(Some person at a computer place already asked if I had a record player )

Thanks!