There are other ways to do it & Iâll be interested to see how others accomplish this.
When I first tried to do stuff like this circa 1998, my computer just wasn't up to the task and I kept having trouble with everything seeming to go well only to find some bits and pieces were missing when I went to play it back. At the time, it made sense to go with a standalone CD recorder for the initial capture and then using the computer to finalize everything.
Of course, that limited my captures to 16bit/44.1kHz. Nowadays I use one of those little handheld digital recorders (mine is a Roland R-05, but there are a bunch of others out there that are probably fine). That allows me to capture at 24/96, which is allegedly better for downstream manipulation (ClickRepair, volume adjustments, etc.). Because it's so small, it also allows me to carry it to wherever the playback hardware happens to be at the time.
I mention that only as an option and not to even HINT that there's anything wrong with going computer all the way. Using an external recorder will not prevent you from having to learn how to use Audacity or Audition or any other computer tools, it's just an alternative method of obtaining the original capture. While I find it less trouble, I can see where others would find it more.
I also wholeheartedly endorse ClickRepair, though I strongly suggest listening closely while it's doing its work. Most of the time it works just fine, but there are certain things--in my experience, usually surprising and upredictable--that trip it up. When it goes bad, it will attempt to obliterate something that it should not.
There was some discussion above about what to do with between-track spaces. I used to quickly fade to silence and then quickly fade back up, but I've semi-recently used CllickRepair instead. I cut my initial capture into pieces containing music or what should be silence. I process the music bits through ClickRepair at conservative settings and then crank it up all the way for the inter-track bits. I have come to find the results call less attention to themselves than going to silence, but that's going to be a matter of taste (and I don't claim to have any!). I've also learned that you can often get away with those maxed-out ClickRepair settings during end-of-song fades where the music gets very quiet but the record noise is, relatively speaking, loud. It doesn't always work though and you may wind up hurting the fading music. Again, it's always smart to listen in real time while you're doing it.
The same guy who wrote ClickRepair also has a piece of free software simply called Equalizer. Its main purpose is for pre-RIAA records that have been captured using an RIAA pre-amp, but it has other uses as well. For example, I've had 45s that would not track properly when played at 45 but were just fine at 33. Equalizer has a setting that accepts a 45 played at 33 with RIAA and outputs a corrected file. It will also correct 78s played at 33 or 45. Of course, you'll need to first use SoX or Audacity or some other tool of your choice to correct the recording speed first.
I've also found that things go faster for me using a combination of GUI tools and commandline tools. My process usually leaves me with a bunch of sequentially-numbered files that need to be stitched back together. I find using repeated "Open Append" operations in Audition tedious, so I wound up automating the process at the commandline via SoX. I also use SoX to downconvert my final results to 16/44.1, but I realize some will find that blasphemous. Since I'm usually putting the results out on a server, I convert to FLAC and use a command file for that as well because I can't remember all the various switches used to get the minimum file size...I looked them up once and now they're in that file forever.
Sector Boundary Errors were also mentioned above and one easy way to avoid them is to use
CD Wave Editor. It's technically not freeware, but I lost my registration and, when I attempted to pay him again, I found that payment was no longer being accepted. The software is 100% functional without registration.