For ripping CDs, I used Nero CD DAE, version 1 of the program was originally freeware from TDK in the late nineties, then it was bought out buy Nero around 2004. It's a great program as it gives an absolutely perfect sector by sector error report on every track, so when it says error 0.000% (00000000000), you know you have an absolute perfect rip.
When it comes to vinyl, I use a Technics SL BD20D Belt Drive Turntable, that is then linked through to a Rotel RQ970BX Phono-Prestage Amplifier, which then goes to a M Audio Delta 4040. Recordings are done on Sony Sound Forge. I'll back up the original vinyl rips to DVD. Then I'll apply some very, very conservative decrackling. I don't use any noise reduction (it sounds effing awful). The remastered rips are then backed up on more DVD Rs.
I currently have about 18,000 WAVs in my digital library, and this is backed up on a external hard-drive. The original library is backed up on to about 180 DVDs, twice over, which is about nearly 400 DVDs. Each library set is a different brand (Verbatim and Sony), and different batches for absolute redundancy, this is a project I've been working on the last five years, and hell, it is a huge project.