What is the easiest way to convert these and what software or converter do I need?
I have converted 176 LP's to CD's, so I have a little experience with the process. The easiest way to convert the LP's is to go to your favorite retailer and buy new CD's. Far less painful.
I can't afford that, either. What I actually do is connect the Tape Out from my integrated amp to the inputs of my sound card (M-Audio Delta 1010LT) and record the album sides using Adobe Audition 1.5. Once the LP sides are recorded, I play through them on the computer and listen for clicks, pops, or drop-outs. Clean up the clicks and pops, replace tracks with drop-outs, force silence between tracks, combine Sides A and B, amplify the combined audio file (to maintain the relative loudness of the tracks) to a standard "loudness" that works for me, and parse the LP into individual tracks. It is a tedious process. Sometimes I have to rerecord 2 or 3 times to get a clean recording.
Audition can burn a CD-R to the standard 16-bit, 44.1 kHz specs for a CD. I use data CD-R's which will play in most modern CD players. The CD-R's don't work in my brother's '97 GMC pickup CD player. That player requires audio CD-R's. I use Audition because it is what I have. Alternatives, including some free-ware, are available.
What's required: A turntable with a decent cartridge, a pre- (or integrated) amp, a good sound card, a computer, recording/cleanup software, and a CD burner.
I think stand-alone equipment is available that can make the conversion. No clue how or how well it works.
Not everyone uses the same process. I have developed a process that I like. YMMV.