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I'd get a dj mixer with digital out, and plug that right into the Ultralite's S/PDIF IN. Or you could use two audio ins and a cheap phono amp from a store like Radio Shack.
Record the record into some program, throw the wav into Live, do some warping to remove wow and flutter, do some normalization and compressing (I used a suite by MAGIX), and render to mp3.
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