There are a ton of downloads at Lockergnome that will help in the project.
Get a turntable with line level outputs. If you have a magnetic cartridge, then you'll need a phono pre-amp to turn that low audio level into a true line level. These are available on older-style consumer amps, receivers pre-amps and deejay mixers.
Get a cable that connects your turntable (usually two RCA connectors) to your computer's sound card (usually an 1/8th inch stereo mini plug) --- or use adaptors that match the cables/connectors you have.
Get recording software (use Cool edit 2000 or one of the downloads from the link above).
Power everything up, start recording and start the record.
Have fun!
More than just "early adopters" Podcasting
This is clearly not a small thing. Podcasting has unquestionably hit the maintream -- repeatedly. And they're not just 2-5 minute 'casts; I frequently see mainstream media producing 20 to 60-minute shows, some longer. Podcasts are largely free, although some big names, like Rush Limbaugh, have managed to collect a fee from their fanbase in exchange for their exclusive content. For those that stumbled across this post accidentally, Podcasting is an audio (and video, in some cases) form of "blogging", using a communications protocol known as RSS, or Really Simple Syndication, which enables anyone to automatically receive feeds to which they subscribe, similar to email. Wired News: Tracking Rita: Interactive