Audacity is a great audio editor however it is a bit limited when it comes to out put files. You may find that you need to download extra plug-ins in order to convert to MP3. So I suggest that you get a program called SOUND FORGE, it is similar to Audacity in many ways but it also has more functions. Also if you have got NERO START SMART or any later versions you will be able to find some useful tool for transferring your LP’s to your computer.
Good Luck, peejay