Here's what I do (see chelsea98's anwer above.)
I have a record player. Connect that to the Griffin iMic via 2 RCA -- 1/4" stereo cable (you will need the headphone sized adaptor, female to male to plug the stereo cable into the iMic) and then use software that records such as ProTools by digidesign or SoundEdit16 by Macromedia.
Once you get the connection going and make a recording, save it as a .wav file (44Hz) so you can create an mp3 later. Make sure you copy the track you record because you need 2 tracks for a stereo recording. Then save that .wav file and rip it as an mp3 (BladeMP3 encoder, the swedish version, is quite good for this) and then burn that file to a disk.
Cheers!