Here is how I make my Vinyl rips. You can use your line-in to your computer but I have just an average soundcard (Realtek) and I can never get the leveling just right and it sounds like garbage. But I found a slick way to get high quality recordings using my DVD recorder.

My process sounds like a lot of work, but in the end it's beautiful quality. My goal is to minimize any loss during process before the final conversion (burn to CD, etc). I plug the preamp-out into a line in of my DVD recorder (happens to be the front, or secondary but works just the same). I can burn up to 7 or 8 albums using the SLP recording speed on a single DVD-RW disc. You don't lose any quality since it always records to AC3 format anyway. I can just fit more albums on a single DVD disc.

If you don't have a DVD recorder,your line-in should work just fine. I use MAGIX Audio Cleaning Lab 2005 Deluxe and it has an option to record the audio into wav format, then split the track into separate files (I'll get to that later) I then take the audio using DVD Audio Extractor and dump it into an uncompressed WAV, keeping the original 48K sample rate and 16-bit format. This again keeps the original quality intact.

Equipment Used:
Gemini II Turntable with Stanton 520 SK Stylus
DJPRE-II Preamp - leveling set to -2
Sansui DVD Recorder

Software used
DVD Audio Extractor
MAGIX Audio Cleaning Lab 2005 Deluxe
Acoustica MP3 CD Burner (can burn any file format to CD) plus automatically removes the pesky 2-second pause between songs most MP3 burners create

I load the master wav into the Audio Cleaning Lab then there is an option to automatically split up the file. You can then name the songs (see the software for details - this wasn't meant as a software tutorial), but then you export the songs into uncompressed WAV at 48K and 16-bit as mentioned before. Don't worry about the necessity to convert it to 44.1 in fact I've gotten some strange results by doing it. You can export the recording to OGG (a nice semi-lossless compressed format) also. If you're worried about disc space I'd use this. But I try to minimize any loss of quality before finally burning it on to CD so I go with the WAV.

You can clean up the record if necessary using the Cleaning Lab also - clicks, rumbling. It has a slick noise reduction and mastering function and I've made some old records sound even better than the original.

As far as FLAC, there are a number of software packages that will convert WAV to FLAC if that't what you want to use. I load the uncompressed wav through Acoustica and burn my CDs for listening and enjoying!

Hope that helps.