Το πικάπ έχει σκουριά αλλά λειτουργεί.

Το is the neuter singular definite article, so it means the.

Greek nouns normally have grammatical gender, and πικάπ is treated as neuter, so you say:

• το πικάπ = the record player / the turntable

Even though πικάπ is a loanword and does not change its form, the article still shows its gender and number.

Πικάπ is a loanword, used in Modern Greek for record player / turntable.

It is usually treated as an indeclinable neuter noun, which means the noun itself often stays the same instead of taking different endings. So the article does a lot of the grammatical work:

• το πικάπ = the record player
• του πικάπ = of the record player
• τα πικάπ = the record players

This is common with borrowed words in Greek.

Έχει is the 3rd person singular present form of έχω = to have.

The subject is το πικάπ, which is it, so Greek uses the he/she/it form:

• έχω = I have
• έχεις = you have
• έχει = he/she/it has

So:

• Το πικάπ έχει σκουριά = The record player has rust

Because σκουριά here is being used in a general, indefinite sense, like rust as a substance or condition.

So Greek says:

• έχει σκουριά = it has rust

This is very similar to English, where we also often say has rust, not has the rust.

If you added the article, τη σκουριά, it would sound more like you are referring to some specific rust already known from the context.

It is in the accusative singular, because it is the direct object of έχει.

The structure is:

• Το πικάπ = subject
• έχει = verb
• σκουριά = direct object

For this noun, the nominative and accusative forms look the same when the article is absent:

• nominative: η σκουριά
• accusative: τη σκουριά

Without the article, you just see σκουριά.

Αλλά means but.

It connects two ideas that contrast with each other:

• Το πικάπ έχει σκουριά = The record player has rust
• λειτουργεί = it works

So the contrast is:

• it has rust, but it works

That is exactly the job of αλλά in this sentence.

Greek often omits subject pronouns when they are already clear from the verb form.

So instead of saying something like:

• Το πικάπ έχει σκουριά αλλά αυτό λειτουργεί

Greek simply says:

• Το πικάπ έχει σκουριά αλλά λειτουργεί

The subject of λειτουργεί is understood to be the same: the record player.

This is very normal in Greek.

Λειτουργεί is present tense, 3rd person singular, from λειτουργώ.

It means:

• it works
• it functions
• it operates

In this sentence, the most natural English translation is works or still works, depending on the context.

So:

• αλλά λειτουργεί = but it works

Greek does not have to include a separate word for still here. The contrast created by αλλά already suggests the idea: despite the rust, it works.

So:

• Το πικάπ έχει σκουριά αλλά λειτουργεί
  can naturally be understood as
• The record player has rust, but it still works

If you want to make still explicit, you could say:

• Το πικάπ έχει σκουριά αλλά ακόμα λειτουργεί

Here ακόμα means still / yet in this context.

Yes, Greek word order is more flexible than English word order, although the original sentence is a very natural, neutral way to say it.

The basic version:

• Το πικάπ έχει σκουριά αλλά λειτουργεί.

A different order may change the emphasis:

• Το πικάπ λειτουργεί αλλά έχει σκουριά.
  This puts the focus on it works, then adds the problem.

• Σκουριά έχει το πικάπ, αλλά λειτουργεί.
  This is more marked and emphasizes rust.

So yes, the order can change, but the original is the most straightforward.

Yes. That is a very natural alternative.

• Το πικάπ είναι σκουριασμένο αλλά λειτουργεί.
  = The record player is rusty but works.

The difference is:

• έχει σκουριά = it has rust
  This focuses on the presence of rust.

• είναι σκουριασμένο = it is rusty
  This describes the object with an adjective-like form.

Both are correct, but the nuance is slightly different.

A rough pronunciation guide is:

to pee-KAP E-chee skoo-RYA a-LA lee-tour-YEE

A few useful notes:

• πικάπ has the stress on the second syllable: pi-KAP
• έχει is stressed on the first syllable: E-chee
• σκουριά is stressed on the last syllable: skoo-RYA
• αλλά is stressed on the second syllable: a-LA
• λειτουργεί is stressed on the last syllable: lee-tour-YEE

Also, the χ in έχει is not like English h. It is a Greek fricative sound, somewhat similar to the sound in German ich.