ripping LPs

Hey

I'd like to know exactly how well Audiograbber digitally records vynyl LPs, and exactly how this procedure works. I set out one day to put my LP collection on my hard drive, and found a programme called cooledit 2000. i connected my stereo's output to the microphone socket on my computer, and pressed play/record. now, the sound came out on my computer's speakers just fine, but when i tried to play back the recorded wav file, it sounded like shit. i then used the noise reduction feature, and all i was left with was quiet shit. is this programme any better, or is there a better way of going about it than the method i used.