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Audition
Audition is the Adobe audio recorder/editor. It is fast, powerful and has many more features than Audacity. It may seem intimidating at first, but once you get used to it, it is much better than Audacity. This should be the preferred editor.
How to use Audition for Digitizing
Open Audition
Open an new Audio File
Give the file a name
You will then see the file with the name you gave it in the Files window in the upper left
Make sure the Editor window is open on the right.
Hit the Record button at the bottom of the editor window
Hit Play on the deck you are using and voila,you will see the magical sound waves.