You are able to use the combination of the Live Input device and Save As Wave feature to record the input of an external device, i.e. turntable, external CD player, Mini Disc player, etc. You can now store your vinyl or cassettes on your hard drive in a nice dynamically processed format.
You will need to configure the Live Input feature to route the external device into OtsAV. For instructions on configuring the Live Input feature for your external device click here.
Click the 
icon on the toolbar.
The Save As Wave feature is in the Secondary output options section.
Leave the Format: settings as the default settings, which is 44,100 Hz, 16-bit, Stereo.
In the Filename/Prefix text box add the prefix for the file name, in this case just type "Magical Mystery Tour".
Click on the Set... button.
Navigate to where you would like to save the wave files.
Click on the Save button.
Make sure that the Pause when nothing is playing and Split into tracks options are selected.
Click on the Start button.
Start your external device (record player). The tracks will be recorded into a series of wave files.
You will need to click on the Stop after you have finished recording.
How to set up an external device through Live Input
Recording OtsAV's output (Save As Wave)