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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.

Make any edits to the file (delete blank space, correct noise, raise levels, combine tape sides, etc)
Save the file as a .wav file
Export the file as an .mp3