I took a completely different approach. Rather than ripping all of my CDs I just went to some torrent site, The Buccaneer Cove or some shit, and DL'ed complete discogs in 320. Actually ripping the CDs isn't so much the problem, but rather inputting all of the data. It's so much easier to let one conscientious person add all of the ID3 data for consistency. And since I already own all of the CDs, I'm not going to worry about ripping the artists off.
What I did splurge on was a $27 media player to hook up to my stereo. I've got plenty of external drives lying around, so I've got 1g of storage, minimal hiccups in the sound chain, and even visualizations because it's a standard Android box.