By default Wave Corrector creates stereo files ready to burn onto CD. To start a recording session click on the red circle in the toolbar. Enter a name when prompted. The recording window in Wave Corrector is simple and easy to understand.

You can see the level of your recording as well as having an indication if any clipping has happened. You have the option of setting the maximum length of the file and closing the computer down at the end of this time.
The software will also automatically set the recording so that you can record a 78rpm disk on a 45rpm player and having the final file play at the correct speed! Very useful.
If the meters do not move when what you want to record is playing:
Open the sound card volume control panel. Make sure that the 'Line In' is selected to record from (you may have to change from 'playback' to 'record' in the options section or just click on the 'Set Volume' button in the recording dialogue of WaveCorrector). Normally you will have connected the preamplifier to the 'Line In' on the soundcard.

Adjust the volume slider in the volume control panel. You want to make the highest level of the signal reach above -9 or so without making the little overload windows to the right of the 0 light up. If the signal goes above 0 then it can cause digital distortion. The odd peak into the red may not be noticeable, especially if it only happens during the needle set down or with large pops from scratches. It may take some time to get the level sorted out, but once it is done for one LP, it should not need too much adjustment for others. 45s and singles are recorded louder that LPs and inexpensive compilation LPs are often recorded quieter (because they have to record at a lower level to get so many tracks onto an LP. This is part of the reason why they rarely sound that good).
Once you are happy with the level then cue stylus above the record and press the record button. Gently lower the stylus onto the record and enjoy the LP while it is recorded onto the PC hard drive.
When the LP (or track you want) is finished, simply stop the recording and lift the needle from the record (if applicable).
You then have the option of just keeping it 'as it is' by clicking 'Done', or cleaning it up and detecting the tracks by clicking 'Scan Now'