It's really quite simple these days. I have a rather large vinyl collection (largely influenced by CFNY during my university years) which I am loath to re-purchase in order to listen to on my mp3 player. At first I was recording my albums through my amp onto my computer as .wav files, then burning them to CD's along with the cover art. But that process took so long that I gave up long before I had gotten through my good records!
so now I just go onto Youtube, copy the url of a good quality video, then go over to Google, do a search on 'Youtube to MP3' which will bring up a host of converter sites. The best one is usually the first in the listing: paste your URL into the box (it's self-explanitory once you see it). Submit the conversion and in a minute or so you will have an mp3 file produced. The site will then prompt you to save it to your computer (usually goes to the download folder).
After that all you have to do is add it to iTunes or copy to your generic MP3 player. Presto, you have a playable version of the tune that you already shelled out good $$$ on. The only caveat is that the quality varies depending on the Youtube post. But that's not too hard to take considering the quality of broadcast that we were used to back in the day