Digital Audio Recording

If you're transferring your old albums to digital, the first step is recording the audio onto your hard drive. The software I use for this is Audacity, a free, open source software for recording and editing sound files. I don't require much of the software...I lay down a simple stereo track, trim the dead-air from the beginning and end, adjust the levels, and export as an mp3. And Audacity is more than up to that. Plus there are some extra functions such as hiss removal, noise reduction, equalization, compression, etc. These you really won't have to mess with if you're starting with clean vinyl, which is always desirable.

Is Audacity up to recording the latest project from your garage band? Some would say no. They'd tell you to go with Adobe Audition or Sony Sound Forge. That is quality software, but it's also 200-300 dollars. Which the band may not have in the budget.
In a previous life I was in the radio business, and the digital audio recording software we were using as recent as ten years ago was on-par with Audacity. It can be a little clumsy at times, but once you learn the program you can do some wonderful things. Just remember that The Beatles recorded Strawberry Fields Forever on a couple of banked 4-channel Ampex tape machines. Spend your money on a new amp or cleaner mics.
You can find Audacity at http://audacity.sourceforge.net/ (uncompensated link)

ADDED TODAY

The Beatles - Strawberry Fields Forever