I've been using Audacity since about 14 years ago, and it's truly come a long, long way. Now if we can just sort out the PulseAudio/ALSA mess, we'll be able to make some sweet music indeed.
I've used it to convert old cassettes to Ogg Vorbis. You play the cassette into the microphone jack, and then chop up the tracks using Audacity. Easy peasy.