Let's collaborate on building a tutorial on how to rip your Vinyls into iTunes.
Audacity software for recording vinyl and exporting in many choices of formats
QuickTime player > File > New audio recording
TuneUp is an all round tool that pimps your iTunes media with cover art and more. It will also help you retreive artist and track names automatically, so you won't have to type it all in by hand (!).
Apple Store has these Belkin RCA Stereo Cable (2 m/6.6 ft.) at 19.95$. They will connect into your Macs mini jack line in at one end and provide you with 2 RCA plugs at the other end for your stereo or vinyl record player directly. Be sure to check what kind of plugs your stereo is using, or your vinyl record player if you are connecting it directly to your Mac.
3) Vinyl Record player
LP 2 CD is another type of solution where the vinyl record player rips your LP directly onto a CD.