Ok you cannot record from your LP to your computer using iTunes alone.
You also won't want to go to MP4 (includes video stream)... you need to go to MP3.
You Can hook it up (if it has an ouput) most likely via the RCA (red and white) sockets on the LP player. You can get a cable from most electronic stores that has two RCA's on one end and a 3.5mm Stereo plug on the other. Connect the stereo plug to your microphone or line-in on your computer.
From here you can use freeware Audacity that won't cost you a cent and works a treat.
Here is the link for windows (to date):
Have your song playing and in Audacity hit the big record button. When the song has finished stop recording and you now have a few ways to save this.
firstly you can save in a WAV format and convert it with iTunes (assuming you know how to convert songs in iTunes) OR
secondly you can download software that will convert it for you OR
thirdly and most easily and freely you can download a file called "lame_enc.dll" (google it and you can find a download in seconds). In audacity if you try saving the file as an MP3 it will ask you where "lame_enc.dll" is, just locate it and you can go straight to MP3.
to change file properties and names either right-click>properties>details then change what you want or add the file to iTunes and right-click>get info, then change the details.
Here is a compressed copy of "lame_enc.dll" (make sure it is uncompressed when audacity asks for it)(or look for another copy elsewhere):
there is also pre-made devices that can record and upload straight to your pc via usb. (I sell these at work)
but if you already have a working record player by all means use that.
I hope this helps. (please rate )
Work at Jaycar Electronics.
Sell the pre-mentioned cable and LP recorder.
Have used these device plenty of times before.
Studying Computer Engineering (UOW)