Audacity is a fantastic recording and editing application.
I also use CD Wave Editor for post recording tasks, such as placing track markers and things of that sort. I'm sure Audacity will accomplish track markings, but CD Wave Editor is unbelievably easy to use. MiLo Software
I also recommend another product for the archiving of Vinyl. It's a Cleaner/Lubricant called Gruv Glide. HOME
You can pick up a can at a local Guitar Center. If you have a few extra bucks around, replace your stylus as well. Leave your master recordings as WAV and burn those files to a disc to put away for safe keeping.