..i'm not sure about this but i think the Windows sound recorder has time/size limit (?), not sure about that. And you'll also end up with HUGE .wav files averaging 50MB each..
i used CoolEdit (Adobe Audition na ngayon) to record one song off from a tape before, kung wala ka nun, you can use it's Trial Version, one time mo lang naman gagamitin eh, you'll be done before 30 days. Yun lang, disabled yata yung option to save in MP3. (you can use other converters for that or burn the .wavs straight to CD)
Despite that i'm recommending you use CoolEdit (Adobe Audition), kasi pwede mo i record yung 'hiss' and use it as a 'sample' to remove the hiss from the rest of the song. (I dunno about any others that can do this, i'm pretty sure meron, pero eto lang alam ko gamitin). One pass should be good..