I'm affraid a GOOD turntable can't be had for under $120 unless it's old and used. Turntables are either vinyl or CD, I have yet to see hybrid ones.
Well! you can't connect an ordinary turntable to a computer. the sound product directly form the an ordinary turntable need to be amplified. So you will need to connect it to your amplifier first then from the amplifier to your audio input at your PC...
It sounds like you have a broken drive belt..Unfortunitly to take it to a TV repair shop would probably cost more than its worth. You could try taking it apart yourself and getting a belt on ebay.. I would take it apart first and make sure thats the ...