Quote from PCWorld.com (basically spend $40 on a preamp instead and you're sorted):
Magix's Audio Cleaning Lab 2005 utility ($40) comes with filters that are capable of substituting for a preamp, according to the vendor, so I tested them, too. Though the filters worked--more or less--the resulting audio was noticeably flat, with fake-sounding bass. And Magix did a poor job of documenting this filtering capability: I wasted considerable time trying to figure out how to forgo the preamp. For superior-quality sound and better control, you should invest the $40 or so that a hardware preamp costs. And while you're shopping, buy yourself a record-cleaning brush. The less dust you leave in your LPs' grooves, the less noise you'll have to clean up after importation.
Evil