I will expand on this later. This is an edited version of the original post from version one of this blog.
The program I use is called Audio Cleaning Lab 10 by Magix. I believe I am many versions behind but that's okay. You can find this program in the stores for around $50US. Sometimes you can find an earlier version for less at discount stores. You can also buy direct from the website or download a trial version as well.
This program is nice because it is designed to import or record audio from many sources and clean, edit, set and remove track markers and process that audio before burning it to a CD. You can apply EQ, play with the stereo to mono ratio as well as remove tape hiss and album pops and clicks.
On the downside, this program is not professional studio grade equipment. That said, the quality is not bad and for personal enjoyment it is more than adequate and easy to use.