First of all, thanks for answering.
Yes, I checked the R500 manual and I've tried to record it at volume 27 (instead of the maximum 30) and it sounds very noisy too. After stopping the recording, I have to bump it +25dB (!!!!!!!!) in order to make it listenable at normal volume. The resulting noise and hiss are, obviously, very prominent.
I had my Realistic Radio Shack 33-1065 microphone on repair, so I recorded it with a pair of headphones. True story !!!
If you know some audio-physics, you'll know that the basis of microphones and earphones is the same; a microphone is basically the same than a headphone - just with a lot more of sensitivity. And viceversa. Theorically, any microphone could be used like a speaker, and any headphone can be used as microphone - and I've proved that. Moreover, the sensitivity of a headphone acting as microphone is so low that it won't ever virtually distort. The bad part of it is that the recording level is very low - that's what I've suffered.
Anyway, I have accepted that a real-time line-out recording is the very only way to extract the audio of my MD disk. Therefore, I'll do my best to edit the recording. In fact, I've tried to edit a 5 minute sample of the show, and it sounded pretty well. I've proccessed the stereo channels to remove most of the digital noise (which was much more prominent on the left channel), and applied a filter to remove the hi-freq hiss (mostly located between 8.500 and 11.000 Hz). The resulting recording was more than listenable (B- audience, even B+ if I'm able to improve the EQ a bit too)
Thanks a lot, and if someone has got any other advices or tips, just let me know!!