Yep, there is. In fact, I just helped a professor do this a few weeks ago.
First of all, you need the source - the LP player. Make sure there's a way you can input the sound into your sound card's line in. You need a program that will record the audio stream (not Windows Sound Recorder, that's limited to only 60 seconds and is a very weak program). Make sure you record at 44.1khz and 16 bit.
After recording the sound, you probably want to clean up the recording using something like
Dart Pro. (Get the demo)
If you recorded it as one large WAV, you'll want to split up the WAV into individual tracks. Get the program called
CDWAV for that.
Then burn in your regular CD mastering software!