Yep, capture works fine. I see the input meters moving when I click record, and once the recording is complete and I playback the MP3 I created, it also plays fine. The only issue is with the audio during recording.
FWIW, I checked with ION, and they weren't overly helpful. Basically, because the turntable is a class compliant USB audio device, it uses the generic driver software that is built into the OS (in this case, XP Professional). Once I connected the turntable to the PC with the USB cable, the PC recognized it as an audio input device titled "USB Audio Codec". According to ION, there are no other drivers needed.
The interesting thing is that within the Audacity application, there is a function called "monitor input", which if selected, allows you to listen to the LP as you are recording it. I didn't see anything like that within EMC, so I'm kind of stuck here.
If anyone else has any bright ideas, I would appreciate it.