I've been working on a similar project. I suggest using going from Turntable --> Receiver --> Line in on the sound card. If you want pro results, obviously you will want the best sound card money can buy, but I'm perfectly satisfied with the results on my SB Live Value, since I'm transferring FM radio shows that I recorded on VHS to CDs for my car. Hook a cable from "TAPE REC OUT" on the receiver to the line in on the back of the soundcard. This will enable you record other sources, such as movie (or Simpsons

) sound clips from the VCR/DVD or from FM radio. Cool Edit Pro has
all the noise reduction features and a lot more, but it lists for $399. I used to "have" Cool Edit Pro, but the install files got corrupted, so I'm using Cool Edit 2000 (the $70 "lite" version of Cool Edit Pro) to record and edit and Nero to split up the tracks and burn the CD. I'm not using any MP3 compression since I delete the wav file once the CD is burned.
I hope this helps you too. Remember to select Line-in on the windows "record control" and set the level correctly, otherwise there will be distortion/clipping on your wav or mp3.