Yes, it's definitely accomplishable [but can be labor-intensive].
To amplify
what bil said:
the iMic adds audio input and output cababilities via USB [it also provides better sound quality than the built-in audio connections].
it works so well, I have two of them [one for the MDD and another for the PB].
Be aware, when digitizing vinyl, the signal that comes out of a record player is very tiny and usually needs pre-amplification as well as a particular equalization [or EQ, known as the RIAA curve].
I believe that Griffin's
Final Vinyl software provides this EQ on your Mac.
The other options are to also use a
phono preamp [which is built-in to a Receiver] or available as a stand-alone device.
- KB [AKA 'Doctor Audio']