How should I make the recording in the vinyl converted into MP3 format?

I understand that I should use a hardware to convert it but could you please advice me on what I should buy to have the very best quality, if possible 320 kbps quality.

Here is a cheap converter you can use with your vinyls. Its very easy to use and can be connected directly to your computer via USB. Hope this helps:

http://www.heartlandamerica.com/browse/item.asp?PIN=54418&

Well, you know you could get an rca to miniport adapter and feed your turntables directly to your pc and record it that way, right?

I loooove technology.