Free recording software?

hey all,
i'm looking for a free recording program to transfer a huge heap of old LPs (ya know, vinyl records).
i'd like to record them into mp3 format. heres what i've got equipment wise;
2 computers with a good sound cards (1 turtle beach montego, 1 SB audigy), 1 stereo system (pretty standard stuff, it can output to; standard speak wire, "banana clips" whatever that is and standard mini jack), male to male mini jack cables.
my concept was to plug the stereo into the computer (via the M2M cables, headphone jack to microphone jack), set the levels as appropriate then hit record on whatever program i can get my hands on.

so, what free programs are out there (ones that are actually worth recommending i mean) that will record like that to mp3?
or if a better way to record comes to mind, i'd be interested in that as well. the one requirement is that it be very cheap or free, i'm doing this as a present for my parents (its their records) but i have basically no money to do it with. (maybe i could manage $10 US if i scrounge around)