Assuming your G5 has line level inputs I would expect a headphone feed to be unlikely to give a satisfactory signal. Have you a tape deck with line level output?
Audacity, which others have already mentioned, is excellent. It looks daunting at a first glance (and can be very complicated if you want to do clever things with it) but as a completely new starter on digitizing old tapes I found it easy to get to grips with the basics. There is very good online support via Audacity forums and a Wiki. Although their website appears to recommend v1.2 as the stable version that gave me problems crashing right at the end of some recordings and losing everything in that session. The Beta version 1.3 has been rock steady on a G4 in 10.4.11.
Audacity records to its own format from which, after editing, you can use it to convert to other formats such as AIFF and MP3. I wanted to produce AIFF recordings first and then convert some of those to MP3 for the car. I find Audacity slow and prefer to use
XLD to produce MP3s.