I’m using Audacity 2.0.2 on Windows Vista. I want to record LPs onto an external drive, then export each labeled track into iTunes. I’m not able to label each track individually and have that label for each track appear on the external drive. I label the first track, using File: Save Project As, then follow the instructions to split a recording into individual tracks, using Tracks:Add Label/Name. I can see the individual label for each track in Audacity, but those labels do not carry into the external drive. I want to export the individual labeled recordings into iTunes and not an entire album side as a single recording. What part of the process am I missing?
This set of tutoruials should help you: http://manual.audacityteam.org/o/man/tutorial_copying_tapes_lps_or_minidiscs_to_cd.html
especially this one: http://manual.audacityteam.org/o/man/sample_workflow_for_exporting_to_itunes.html
BTW it is not advisable to record directly to an external drive as often thay are not fast enough to keep up with the audio. Better to record to your computer’s on-board hard drive and then you can Export WAVs/MP3s/AACs to yor external drive.
WC
[u]Mp3tag[/u] (FREE!!!) is probably the best application for tagging files (adding/editing [u]Id3 tags[/u]). It works with almost any format, not just MP3s. Tagging for WAV files is not very standardized, so I’d avoid WAV and go with FLAC or ALAC (lossless compression) if you want a non-lossy format.
Sometimes I’ll use the tag editor built-into Winamp, and maybe I’ve done a little tag editing in iTunes. If you have an iTunes account, iTunes is pretty good at finding the album artwork.
Yebbut - Duncan said in his posting that he is taking his music files into iTunes, so it’s much easier to manage the metadata straight there in iTunes. 
WC