soundcard The soundcard you have is not particularly high quality but it is probably adequate. If you were going to do a lot of audio projects I would recommend a better card, but for a one time project you can probably get by with what you have.
You can easily decide if the soundcard is good enough. First you have to get to the place where you can play tapes and record to computer. Record a minute or three. Listen to what you have recorded onto the computer. It should sound just like it does from the tape player, not different, not better, not worse. The recording process should not change anything. If it does, either you are doing something wrong or the soundcard really is too poor to be satisfactory.
A condition upon that test is how you listen to the original tape and the computer recording of it. If, for instance, you listen to the tape player with headphones and the computer recording with ordinary computer speakers, things will almost certainly sound significantly different. You need to monitor both in the same manner with the same transducers.
You are going to have to learn a bit about digital audio and using some audio software to get really satisfactory results, however. On of those things to be learned has to do with sample rate conversion. With this not so remarkable soundcard you will get the best results recording at 48kHz. For CD you will need to convert the recording to 44.1kHz. This is fairly easy and you don't need to worry about converting until you are almost ready for the write to CD step, you just need to do the recording step correctly.
tape player If this Aiwa player is a portable cassette player designed for headphone listening, you are not likely to get the full potential of your tapes from it. Still, if you record from the headphone output into the line in of the soundcard, and you are satisfied with what you hear from the computer, then you have your answer.
A decent quality tape deck, one that plugs into the mains power and has real line out jacks, is almost certainly going to do better, but you have to balance cost against the results you will accept. Once you have a computer recording that sounds -- to you -- like it is reasonably acceptable, improvements will be smaller and smaller for more and more money spent.
tape heads The requirements for recording onto tape and playback from tape are different from each other. The best taped decks have completely separate heads for those two tasks. The majority of tape decks, however, have the record and playback heads incorporated into one single package. In addition, there is always a separate ‘head' to erase. Thus the majority of tape decks are ‘two head' -- an erase head and a record/playback head. The better ones are three head. On these you can adjust, replace, remove, the playback and recording heads separately and independently.
If my guess above about your Aiwa tape machine is correct, it probably doesn't have any erase head or record head, it is just intended to play cassettes. Essentially all HiFi cassette decks allow both recoding and playback so they are as described in the previous paragraph.
tape path The tape path is the route the tape travels in the tape player between the supply reel and the take-up reel. For cassettes, both supply and take-up are in the same shell, of course. In the center of the tape path is the tape head(s). Beyond that, towards the take-up reel in the capstan, that shiny rotating rod, and the pinch roller, the rubber wheel that presses the tape against the capstan. Reversing tape players, and better quality one way decks, have capstan and pinch rollers on the supply side of the heads too.
cleaning and demagnetizing The tape rubs against all these parts of the tape path as it is recorded or played. Oxide and binder particles, and various kinds of dirt, will accumulate on these parts. If they are not kept clean they don't work as well, they wear out sooner, and they tend to gum up, stick to the tape, and induce the machine to ‘eat' the tape.
Also, because some of these parts are metal and the tape is covered with magnetic particles, over time the metal in the tape path becomes magnetized. These magnetic fields add noise to your tapes and destroy part of the signal previously recorded on the tape, especially the higher frequencies. Therefore occasional demagnetizing is part of normal maintenance.
Alignment There are either two or four tracks of data on the tape. Older mono only machines recorded only two tracks, all stereo recorders create four tracks. Since these tracks are just an alignment of the magnetic particles in the tape coating, you can't see them, but you can imagine narrow lines being drawn along the tape surface as the recording is written to it.
Ideally these lines are perfectly straight and perfectly parallel to the sides of the tape. They are significantly narrower than the tape itself and are at particular standard distances from the edges. These ‘lines' of recording are created by narrow openings in the recording heads where a magnetic field, controlled by the signal you are recording, reaches out from the recording head to the tape.
For playback, there are similar, but different, openings that are able to detect the magnetic signal previously recorded onto the tape. If these playback openings are not perfectly aligned with the recorded ‘lines,' the machine cannot capture all the information from the tape.
Ideally the record and playback heads are always in the specified standard alignment relative to the tape path. Very often, however, this is not the case. Factory alignment is often less that optimum, especially on less expensive tape machines. Alignment is changed by bumps, vibration, temperature changes, and wear.
In general, unless alignment was controlled at record time, the recorded ‘lines' on the tape are not exactly where they are "supposed" to be. Added to that difficulty is the fact that the machine on which the tape is play will most likely have a different misalignment than the recording machine. The best possible playback from the tape, thus the best recording into your computer, can only be done by adjusting the playback head alignment to fit the particular tape you are currently recording. Some professionals will adjust it for every song on some tape albums.
Now as to whether or not you
need to do alignment, we are again at a value judgment. When you play the tape, are you satisfied with what you hear? It is highly probable that without alignment you will not be getting the best it is possible to get, but if you get playback that satisfies you, then it does. If it doesn't satisfy you, maybe you can improve it, maybe the tape is just too poor to ever be what you really want.
specialized help I gather that your tapes are cassettes, not open reel, yes? If so, you may not have to worry. I'm not certain, but it is quite possible that record/playback bias and equalization were standardized and built in by the time cassette recorders reached the consumer market. If you can play the tapes and they sound reasonable (aside from extraneous stuff like hum and noise), you don't need to worry about that aspect.
There was more variation with older open reel recording. You would have to find someone with a functioning player that will work with the particular open reel tapes you have. There are a number of professionals who do that sort of thing. I have some references in France and Spain that might be useful, but let's not worry about that before we know if it is relevant. (another possibility, requiring more money but less personal effort, is to utilize one of these professional services to do all the work for you)
output level control Much like ‘volume control.' Just as when listening you need the level to be reasonable -- too soft and you can't hear or understand very well, too loud and it hurts your ears -- the soundcard needs a proper and reasonable input signal level. Line level outputs are manufactured to some particular standard but unfortunately not all to the same standard. Most line outputs are not variable; there is no level or volume control such as may exist for the headphone jack.
If no adjustment is possible on the tape player, it
may be necessary to make an adjustment between the tape player and the soundcard. You may need to increase the signal level so the soundcard receives enough signal to make a good recording, or you may need to decrease the level so the soundcard is not overloaded.
The VU meters of the recording program will tell you what level of signal you are getting into the computer. Download the shareware program WaveRepair
http://www.delback.co.uk/wavrep/It is freeware if only used for recording. It has large, easy to read VU meters. Experiment a little and see what levels you get before worrying if you need to change the level with additional equipment.