It's a fine idea. Vinyl rips can sound great, and they won't degrade. Unfortunately I can't give you a specific recommendation for a sound card.
Audacity is decent for audio recording and editing.
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"Prohibition will work great injury to the cause of temperance. It is a species of intemperance within itself, for it goes beyond the bounds of reason in that it attempts to control a man's appetite by legislation, and makes a crime out of things that are not crimes. A Prohibition law strikes a blow at the very principles upon which our government was founded." --Abraham Lincoln
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