Need tips for converting ANALOG to Lossless Options

[BFG]

Right now, I'm converting my entire CD collection to FLAC for archiving. But I also have some records, cassette tapes and (gasp) 8-tracks to "archive" as well.

I'd like some tips on the best hardware to use for the initial analog to digital conversion (presumably to WAV), as well as best practices for noise reduction without compromising the signal. I'd also like to hear thoughts on when/if it's appropriate to upconvert to stereo.
I haven't checked the Wiki for these topics yet, but will soon.

[Engelsstaub]

Check out VinylStudio. It's free to try and thirty dollars beyond trial.

You may only need if for the trial. I can tell you, as a user, that it is very convenient for recording, splitting, and cleaning up vinyl (and other analogue-source) transfers. It is more than sufficient for cleaning up ticks and pops in vinyl recordings. The more expensive software is advanced at noise-reduction and stuff like that and it doesn't sound like you really want or need that anyway. There's a version for Windows and Macintosh.

I'm not trying to run an ad for VinylStudio, but I thought you'd like to know that I'm personally pleased with it and feel it's well worth the cost if you decide it's something you can use. There are plenty of other options, but this one is a good all-in-one IMO.