Plug the RCA ends of your cable into your phono's RCA outputs. Plug the 1/8-inch end into your computer's microphone input. When the computer asks what kind of input it is, select "Line in."
Open your audio program. Go to the mixer view on the program. You will see the tracks laid out in rows with faders and buttons. You want to set the input on track one to read your computer's line in. This is usually on a drop-down box near the top of the track.
Record-enable the track. This is usually done by pressing a button on the track with a circle or an "R" on it. This step makes the track live and ready to record.
Go to the track view on your audio program. You will see the tracks laid out horizontally and the transport, a window, usually at the top of the screen, that has buttons like you would see on a CD player. Press the circle, or "Record," button.
Play your record. You will see waveforms forming on track one. This is the audio recording into your audio program. When side one is finished, flip the record and record the other side. When you are finished recording, press "Stop" on the transport, which has a square on it.
Finalize the recording. You now have one long track with the entire record on it. If you want, you can use the toolbar in your audio program to break the songs into tracks. Use the "Scissors" function and cut the long track into song track.
Choose to export your recording or song tracks through the "File" menu. This will export the song or songs onto your computer in a CD burnable format. If you have broken your recording into songs, you may want to put each song on its own track, mute all the tracks you are not exporting, and export them one at a time.
Open your CD burning software, such as iTunes. Import the new songs into your program.
Put the songs on a playlist in the order you desire.
Put a blank CDR into the computer. Burn the playlist through the CD burning software. You now have your phono record on CD.