Multi Track Recording

Is there any way in which two inputs, ie; audio cassettes and vinyl LPs, can be recorded at the same time? My sound card, M-Audio 1010LT, has the capabilities.

Yes, but you may need to install older sound card drivers, and possibly Audacity 1.3.4
If you search the forum (search box in top right corner) there are some posts about using the M-Audio 1010LT.