1/. If using a digitizing board or table, connect it to the PC, and configure from within MapInfo (there are copious Help notes on doing this from within MapInfo’s help files: Help>MapInfo Professional Help Topics and Search for ‘digitize’ (US spelling)
2/. Import your image containing the contours to be digitized using Discover's Images>Rectify tool
3/. Create a new table in the same projection as this image, and ensure it has a numeric (eg Float) column called RL or elevation or similar
4/. Make this new table editable in the same mapper as your image, and digitise each contour line in turn. If digitising with a mouse, using MapInfo’s AutoNode function (press N on the keyboard) may simplyfy this process (as it auto captures nodes, rather than you having to click each node successively).
5/. As each contour line is completed, either go into the browser or use MapInfo's information button to assign the appropriate elevation value for that contour line.
6/. Save the contour table regularly.