There are a few things you need to consider before starting this.
As the previous poster stated, is the material you wish to record available on CD ? for the reasons already mentioned.
Is the material very rare ? Or do you really need to put it onto another medium to protect your existing vinyl ?
It could be that you wish to create an archive which you can transport easily, and whose loss is acceptable compared to the loss of your source material.
Assuming you still wish to transfer that old vinyl, you would be surprised at how valuable some of it can be, what might be well known to you might easily be an extreme rarity in another part of the world, David Bowie fans take note, and Van Morrison fans too.
You might wish to reconsider hanging on to it.
Next you need to decide just how high a quality of audio file you need to produce.
You can go to very high standards, the current top end consumer market is running at 24 bit sound and 48khz sampling rates, but not much further on you will find some soundcards that deliver 24 bit sound at a true 96KHz sample rates, damn near studio grade.
Some cards simulate even higher sample rates but these are not true sample rates.
Naturally, the higher the quality, the more you pay, motherboard sound is really not up to this, as you can get a CD from it but the sound will be very flat and lack dynamics (punch and power)
A good soundcard for all round might be the Creative Audigy series, these are rather too many things to too many people and so sound conversion quality suffers slightly compared to a specialist card.
Whateve card you choose, you will most likely get software to carry out exactly the task you require.
Here is a link to a soundcard comparison which will give you an overview of the issues you face.
http://www.tomshardware.com/video/200308211/index.html
It will give you some idea of what you need to consider.
Here is a message board where lots of folk would be very willing to help you out,
http://www.hydrogenaudio.org/index.php?
I personally would recommend either a good Terratec product, or something from M-Audio or perhaps STA(Hoontech).
I would not advise you to try use USB devices, all the reports I’ve read on them conclude that they are inferior to PCI cards, by a long way.
Connectiing your turntable to your soundcard -
First thing you must know is that Vinyl is dynamically compressed, this means that the amplifier used to replay it has to be able to uncompress it.
This is done using the widely known RIAA standards, and all turntable use it, however…
Some turntables have an inbuilt pre-amplifier that performs this function, and most do not, this usually means that you must have a special RIAA equalised input device on your soundcard, and all those I have mentioned do so - you can just plug your turntable into the card and away you go.
If you do not have an input to your soundcard that is specifically RIAA equalised, then you must connect your turntable to your hifi amplifier, seek out the line-out connection from the amplifier, and connect that to your soundcard.
It is much, much, much, better to create an audio file and store it on your hard drive, before you write it to CD - I strongly urge you to do this.
The chances are that you will need to record you vinyl a few times and erase unsatifactory results before you commit to CD.
There are several formats for storing audio files, the best known is, of course, MP3 but for your purposes this would be unsatisfactory.
The problem with MP3 files is that they are compressed to save space, but in doing so they also lose information that cannot be recreated.
You might have noticed that an audio CD takes up around 700Mb od space, but the MP3 files of that smae material take up perhaps 200Mb of space.
If this vinyl is important to you, then the loss of music information is unacceptable.
I suggest that you should put your vinyl to .wav format first, this takes up a huge amount of space though, so you would need to compress it.
There are a few lossless compression formats available, they have slightly differant algorithms and the end product is usually around half of the original .wav file - the big advantage is that there is no loss of sound quality.
I’d take a look at the following -
http://www.mp3-converter.com/monkeys_audio.htm
This program is free, it is also simple to use and very high quality output.
It is also supported by Winamp plug-ins, a number of other Audio players can run Monkey files too - unlike some other lossless compression formats.
Once you have put your vinyl on to your hard drive, you will then have the means to clean up the sound, improve the dynamics, get rid of scratches, crackles and hiss - this will take you several goes on various settings in the tools section of such sound editing software and then you will find something that you prefer.
That software should come with your soundcard.