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I have some LPs and some 45s that i would like to put on CDs.
What do i have to add to my computer to get this done, and where can i purchase same. Im a newbie.

Here is a ncie little guide on how to record LP's to mp3...
You can find a good wav editor here...

If you have enough free space on your harddrive, I'd rip the entire LP to wav and encode it.
Then load up a program like Mp3 Splitter to cut it into individual songs...

By doing it this way you won't have any scratching noise, and can remove any silence that you record...

Hope this helps