I use Sony Sound Forge with noise reduction when needed for the very high end hiss. I can add silence to the end and beginning (groove rumble) , change equalizer settings on the fly, normalize the levels in both channels to peak after application of the click and crackle remover, repair one channel by using the info on the other good channel, cut out a very severe pop, but you can't remove wow and poor transients from the phono cartridge. You can slightly change the pitch if needed but you have to maintain the 44.1 standard for CD's. Of course this is assuming you have Klipsch computer speakers, but even then it sounds different on the big horns, so you have to adjust.
JJK
K-horns 1965, Cornwall 1965, RSW12 2004, SC-1's 2004, Denon AVR-983 2004, DRA-365R 1998, Hughes AK-100 1985, Yamaha EQ-70 1985, Technics SLP-100 1985, JVC-XV-S500BK 2003, Kenwood KD-64F 1985, Sony KDL-46XBR2 2006, Dean Crossovers, CT125 tweeters, MDL-120 Computer HD card 2003, Key Digital KD-SW4X1 Component Switcher, Sony KLV-S23A10 LCD TV, JVC SRDVD-100U Player, Sharp 32GP1U, Toshiba HD-A35, Sony KDL-37XBR6.