In terms of music, 'back in the day' a long-play record was one on which a full album was contained. Introduced in 1948 by Columbia Records, it played with a rotational speed of 33.3 rpm (revolutions per minute) and the use of very fine grooves could yield up to 30 minutes of playing time per side. Shortly afterwards, the RCA Corporation introduced the 45-rpm disc, which could play for up to 8 minutes per side. These were further categorised into EPs (extended play), which had two tracks per side and singles, which had one per side; an A-Side, a well known track and a lesser known, but not necessarily worse, B-Side (although some singles were billed as 'double' A-sides). These LP's and "singles" supplanted the heavy 78-rpm vinyl records of the 1950s, and stereophonic (or "stereo") systems, that contained two separate channels of information in a single groove, became a commercial reality in 1958. Stereo phonographs capable of the undistorted reproduction of sound then became one component of what is known today as a high-fidelity sound system, along with amplifiers et al.
As can be seen, much of the language (such as LP and EP) is still around today.
p.s. Records are superior to CDs (in my mind that is) due to the nice, warm fuzzy sound you get from a record that you can't from digital equipment (i.e CDs). Also, the larger size allows a greater space for cover artwork .