I just have a turntable hooked up to a stereo and signal out from the reciever to the sound card. record to cool edit pro and cutting out the individual tracks later is a 2 minute job. But i usually take a lot longer because i also like to tweak the recording to get better sound. But thats all you have to do and it's plenty quick. And there are plenty of freeware apps that will do the same. i just use the cursor to hilight the track, then "save selection as". The track seperations are obvious because there are blank spots with no waveform. Of course some songs have parts in them where the music stops for a second or 2, and that you have to beware of so you don't say a song as 2 seperate ones. But that software that detects it would do the same anyway, and at least here you can put the cursor in front of the dead part and play it to see if then next segment is the continuation of the song or a different song. It's obviously good to be familiar with the music so you know if any of them are like that. But you can also visually see the length of the dead spot so if it's no where near as long as the time between songs then it would be suspect as a song with a dead quiet part in it.
