I have about 150 records, most of which I have already "ripped" to MP3. You don't need anything special other than a "line-in" port on your sound card, and a decent program to record with. I use Sound Forge and it works great.
I have a lot of rare, out of print, early electro/industrial stuff that still isn't available on CD. Its nice having it ripped for easy listening. If you do it, just get yourself a good cleaner brush and some record cleaning solution...
Bart