I've had a few questions, in the past, about converting LPs to a digital format. I have no personal experience with products like these, but they should do the job. You'd probably have to use some software to take out the pops and cracks.
Anyway, an ad in today's newspaper for Kohl's shows this product (http://www.ionaudio.com/profilelp) for $79.99. Might be worth it for those of you with a collection of vintage LPs.