Although that What CD guide is ok, there are a couple of points I think are worth mentioning.
I tried Audacity many years ago, and chucked it in the bin very quickly. It is very easy to use, but also very basic, and I wanted more functionality. This may have changed in the last few years, but when I tried the demo version, it automatically stops recording after 30 minutes unless you buy the full version. This may be fine for ripping vinyl, but for recording sets or ripping tapes it's useless, unless you want to record in sections and try and rejoin with different software later.
I've been using Sony Soundforge since then, and it's a lot better, did everything I wanted it too, but it is a bit complicated to use some of the more advanced functions like noise reduction and stuff. Great software all the same,
After reading so many things about how brilliant it is, for the last 2 weeks been using Adobe Audition. I'm struggling a little bit with it cos I'm so used to using soundforge, but it's just a case of learning where the things you need are more than anything else. Audition has a couple of handy things, like a channel balancing thingie (when ripping tapes one channel is always louder than the other for some reason, an I've noticed the levels go up and down a lot). It also has quite an effective noise reduction system (I watched a youtube vid on it yesterday but yet to try it myself).
Also the walkman thing, I wouldn't rip with a walkman, I know it's cheap, but if you're after the best quality you can get from a tape (I know you are, lol) then beg, borrow or steal a seperates tape deck. Give the tape heads a clean with some cotton buds soaked in IPA and let them dry off before you start ripping the tapes, you will get much better sound quality than just ripping with a walkman.
*Edit* A bit more on the level changing thing, I've noticed on a lot of tapes, that the sound level goes up and down a lot, what you want to do is find the loudest part of the tape, then set the volume (line in level) on your sound card mixer so it's not clipping the waveform (going above 0.0dB or going into the red on the recording software) at the loudest part of the tape. Clipping is very bad, and you lose part of the audio that can never be recovered, so it's best to have it a little bit too quiet than a little bit too loud, you can always increase the volume in the software later (think that is covered in the What CD guide). I can't tell you how many tapes I've ripped over and over again because you get 30 minutes in and the volume suddenly jumps up

It' annoying as hell, lol.
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