May I recommend "Amadeus II", available as shareware for US$25, 15-day
trial, from  http://www.unige.ch/math/folks/hairer/martin/  It has lots
of bells and whistles for noise reduction, etc.

I am only just starting to use it for old records, so I don't yet have
a lot of practice at noise filtering.  I assume you have something like
"Toast" for actually burning the CD, as "Amadeus" will only prepare the
sound file.  Now if I could find something comparable for video!

Hal Estry