Q:

How can I optimise and improve this circuit for audio applications?

I am designing a basic preamp using the LM741 opamp to amplifier frequencies from 20 to 20KHZ to a 10Kohm load, input voltage is 0.5V and I get an output voltage of around 2V, what else can I do to reduce noise and distortion? 

A:

Looking at the sine wave, there is no DC element. So using C1 polarity cap will distort the signal, you can use non-polarity aluminum cap. 
C1 R3 is a high pass filter, 100 ohm is too low too drive properly for line output. Recommend value is 10uF and 10k ohm, the roll off frequency is 2Hz and below.
Increase R1 + R2 resistance to above 10k ohm, opamp would drive better.
The circuit gain is 5, you would get 2.5V instead of 2V.
Use a low noise opamp like MC33078.
Add a low pass filter by adding a small cap across R1.

