I ripped my entire vinyl collection. It took me about two years to do about 150 albums.
The software I used was two-fold:
1. Record the album side using Wave Repair, which is freeware if used only for recording (not restoration, click and pop removal, etc). This is a great program for .wav recording from vinyl or any external source.
http://www.delback.co.uk/wavrep/2. Convert the resultant .wav files to mp3 files.
For step 2, I used db-poweramp back when it had a built in mp3 encoder. But there are many programs out there that will do the conversion. A used book store (eg. Half Priced Books in my area) frequently will have shelves of used computer software.
I encoded all of my lp's using the lame settings of -alt -preset -extreme, which was very time consuming even on a fast PC. They still don't sound as good as the source material. They just sound a bit flat compared to the original. It may be the quality of my sound card, but I believe it's just a result of the .mp3 format.
It can be done. And you end up with a collection that is great for your jukebox, because it is YOUR collection which YOU paid for over your life. I also have picked up many used LP's at used bookstores to recapture most of the LP's that I grew up with in the '60's and '70's. Again, owning the original frees up my conscience.
Honestly, I don't buy CD's now. I use I-Tunes for the few newer songs I want, and hunt the used bookstores for almost everything else.
Good luck. I hope this helps.
Brian