Connect one end of your cable to the headphone out port of your cassette player and the other end to the computer's microphone in port. This will usually be pink or red and will have a picture of a microphone next to it.
Click the "Edit" button in Audacity and select "Preferences."
Be sure the recording section it is set to Microphone and the channels are set to 2 (Stereo) Click "OK."
Start playing your cassette tape and press the "Record" button.
Be sure the tape player's volume is not set too high or it will sound distorted.
Go to Edit > Select > All.
Go to File > Export as MP3.
Name your File and select where you would like to place it.
When the prompt comes up, select Yes you would like to locate the lame.dll
Go to computer > C: > Program Files > Lame for Audacity, and then select the file named lame.dll.
Click "OK."
Using your favorite burning program, such as Windows Media Player, drag the file to the play list.
Click "Burn" and enjoy your new CD.