If you want to make CD's out of your vinyl records, rip the records to the Hard Drive in a wave format. Then burn them to a CD. You can delete the wave format when done, or compress to some other format to store on a computer.
If you want the CD's to have individual tracks, you have to baby sit the record as it plays, and stop and save the recording after each track. Time consuming. It took me a couple years doing about half my collection. Over the years I had already bought CD's for about the other half of the vinyl.
With Hard Drives so big now, I now have all my music just stored on a computer in a wave format, though I also have ripped them as mp3's at both 160, and 320 kbs for my mp3 player, and my travel Laptop which only has a 250 gig drive.
mp3's sound fine on a mp3 player, or a PC with cheap Computer speakers, but when I play a mp3 on a good Home Stereo at 200 watts per Channel they really suck, especially the tunes that have a lot of bass.
The first time I played back some mp3 Rock N Roll tunes on the Home Stereo System I thought the Stereo's Amplifier had broken they sounded so bad. Then I realized that is why mp3's are called a lossy format, which is short for a lousy format.
As far as lossless formats like flac, or ape files, they are about half the size of the wave format, but you can really only play them back on a computer.
At one time I also had most my music saved in a lossless format, but when Hard Drives grew to the huge storage capabilities I finally deleted them and reripped all my music to store on the Home Theater Computer in wave files. It is kind of nice to have all the music stored in uncompressed files and being able to access it with out the need to hunt down the Hard Copy.