Can I convert LPs to CDs?

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Hi,
is there a method of lossy compression for the higher bit rate standards?

I'm thinking about a compressed bit rate at about the same as off CD but using 22bit/192kS/s or 22bit/96kS/s as the audio input.

Are the compression methods used for DVD audio tracks available for PC use? Are these equivalent to MP3 but with a higher input bit rate?
 
Or if you want an easy way, all you need to do is download audacity from sourceforge, tell it to record from line in. Then, get a jack lead, connect it from your hifi's headphone socket into your computers line in. Works a charm. Export the recordings to wav, and burn away!
 
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