There are quite a few to choose from, some are very good, some are
awful! Here is my personal favourite for performance, ease of use, and value for money.
SPIN IT AGAIN by Acoustica
A dedicated Software Package that will Record, Restore and Burn and Print to CD
I have evaluated this software and find it easy to use and follow. It even
has a voice
(which you can switch off once you are familiar with the software) to guide you through set up and operation. 
Restoration tools with Spin It Again software are very effective and very
easy to use.
A
great bonus with Spin It Again is that you can load an audio file into spin it
again and convert it to MP3, OGG or WMA formats and to any 'quality' (file size)
you choose, so you can transfer your LP's and Cassettes to your PC and convert
them ready to use with your MP3 player or IPod.

Setting up the software
is quite straight forward. 'Spin It Again' takes you through this process, plus
it's well explained in their 'help' files. You can burn your transferred audio
file to CD in a format that will play both on your computer and a normal home
CD player. The process is all included in the wizard and is very easy to do.
There
is also a CD label printing option so if you want to make a professional looking
as well as sounding CD, use this option too.
Very Impressive - More Information on Spin It Again
NEW IN VERSION 2 (VERSION 2.5 Available Now)
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Some alternative options to Spin It Again I have tried
Audacity - A very good Free Audio Editor with built in restoration
tools. I don't actually rate the audio restoration tools very highly as they aren't
that effective and tend to add undesirable noises if even slightly over used.
You can convert files to MP3 using Audacity but you will need to install 'LAME'
Decoder (Free download).
Goldwave (Costs $49) is a fully featured audio editor with built in restoration tools.
I haven't tried the restoration tools yet, but I'll let know when I have. You
can convert files to MP3.
Steinberg
Clean This is very good, if you can get hold of a copy, but I think
it has been dropped. Some suppliers are still advertising it at the time of writing
this, plus of course there is always ebay.