A/D recording suggestions and tips anyone?

I plan to transfer some of my LP's to disc simply to hear the music and save the wear on the vinyl. I'm wondering about recorders, A/D converters, burners, cheapest way to do it, best way to do it, pitfalls and possible mod's to my turntable that might be required. I'd also like to know if there is a way to encode it for HDCD aside from the Euphonix Model 2 studio type processor that I'd guess sells for 50k.