I have a large collection of LaserDiscs, and sometimes I want to encode a .mp3 audio file from one of them. The technique I use is probably applicable to most line-in recording tasks, but I can only describe my particular situation.
My first step is to definitively locate the "in" and "out" points of the the audio segment I wish to record; with the LD player I can preset "repeat" points at these locations. Then, as a precaution, I disable Video under Preferences, which may ot be necessary. Working under the GUI, I "Open Network Stream" and select my PVR card as the source device, producing a MRL such as:
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dshow:// :dshow-vdev="ATI eHomeWonder Capture" :dshow-adev="" :dshow-size="" :dshow-config :no-dshow-tuner
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:sout=#transcode{acodec=mp3,ab=192,channels=2}:duplicate{dst=std{access=file,mux=raw,url="C:\Documents and Settings\publius\My Documents\My Music\spool\dummy.mp3"}}
The final step is to validate the file. Since VLC will find a way to play all manner of degenerate formats, a more "finicky" player is indicated; I use WinAmp because it costs me nothing and makes editing the track tags easy. If the file plays properly, I move on.