I did a few of my vinyls with my Audigy and Radio Shack belt-drive turntable (w/pre-amp) and Cool Edit 2000.
The results came out really well. The only thing you do have to be careful of is what kind of filters you use to cut out the crackle and pops and the hiss.
Agressive filtering can and will affect sound quality. I did some playing on a few, and reduced the noise to nil, but all my highs on those songs had artifacts...
This will be especially true if you convert those wavs into compressed files.
But have fun!