Ref FL310's post, the Nero CD writing software includes "Wave Editor" that allows you to feed your pre-amp output from your Hi-Fi set into your sound card and then create either MP3 or .wav files on your HD(and others formats too, I think). Then you can burn your music onto the CD for playing in the car etc. But, although MP3 files are a fraction of .wav files, 10 minutes of music still equals 10 mins of music, so you don't get any more onto a 74 min CD.
But for storage, MP3 has a tremendous advantage. And I could not detect any difference in quality when I recently created a file of each type from an old tape of Janet Baker singing Songs of the Sea (a good test of recording eqpt.) In fact, I though there might be slightly less hiss at the end from the MP3 version.
It was during this exercise that I discovered that my highly prized Denon music centre doesn't have audio out! I never thought to check as I never though I'd need it. Got to get the soldering iron out.
Skytrucker87, in a word - well, a few words - "Yes", "Yes", "No" and I'll let you know when I find out myself.