Yes, I remember this as my friend's brother had it. Before the movie came
out on VHS, this LP was a pretty cool thing to have. The full title you're
looking for is "Raiders of the Lost Ark: The Movie on Record" and it was
released by Columbia Records in 1981. The dialogue, sound effects and
music were squeezed down to fit into 1 hour. Drew Struzan did the wicked
cover painting (Indy & Marion standing behind the Ark) and it came with a
poster. Man, I wish I had this today...
Not sure if it was ever released on CD but, if so, I'd be very surprised!
Good luck in your search, allan...and welcome to The Raven!