Its the wave of the future. Definitely worth it.
As to your questions:
1. Can the computer be somewhere else besides the stereo cabinet?
Yes, you can get a client device like the Squeezebox (http://www.slimdevices.com/) that pulls music off your PC that is running a server program. Or you can buy or build up a machine using a more living room freindly case. See Hush PC
2. Can I get good sound quality (better than $200 CD player) for $1000 or less?
Something like the Squeezebox plus and external DAC should beat a $200 CD player. Or you could put together a quiet PC with a good sound card (RME, Lynx, etc) for about that. I use an older motherboard with a processor that is only 800MHz which is pleanty for ripping and playing audio.
When you are ripping, make sure you do it into a lossless format (WMP Lossless, FLAC, etc) which can still compress the CDs to about half size. Any further compression such as MP3, and you will start to lose quality.
3. Can I just stick a CD in the computer and "play" it, or does it *have* to be "ripped" first?
Yes, you can put it in, play, and rip at the same time. But with a good drive, ripping is done much faster than real time, so it only takes a few minutes per disk.
4. Can you play DVDs for movies this way?
Yes, if you put a DVD drive in the computer. But it still is not real economical to rip DVDs to a hard drive.
5. Can this link be two way? In other words, can I record off my stereo to the computer (for recording LPs, tapes)?
With a good sound card, yes. You can run the tape out from your preamp/receiver to the analog input.
6. Is there any way to remotely select a ripped "CD" without walking up to the computer?
Yes, you can add a remote control like the Firefly and use your TV as the monitor, or even control the whole thing through a wifi Pocket PC (see NetRemote at http://www.promixis.com/)
Good luck. There is a huge amount of info on this. Start searching.
- J
As to your questions:
1. Can the computer be somewhere else besides the stereo cabinet?
Yes, you can get a client device like the Squeezebox (http://www.slimdevices.com/) that pulls music off your PC that is running a server program. Or you can buy or build up a machine using a more living room freindly case. See Hush PC
2. Can I get good sound quality (better than $200 CD player) for $1000 or less?
Something like the Squeezebox plus and external DAC should beat a $200 CD player. Or you could put together a quiet PC with a good sound card (RME, Lynx, etc) for about that. I use an older motherboard with a processor that is only 800MHz which is pleanty for ripping and playing audio.
When you are ripping, make sure you do it into a lossless format (WMP Lossless, FLAC, etc) which can still compress the CDs to about half size. Any further compression such as MP3, and you will start to lose quality.
3. Can I just stick a CD in the computer and "play" it, or does it *have* to be "ripped" first?
Yes, you can put it in, play, and rip at the same time. But with a good drive, ripping is done much faster than real time, so it only takes a few minutes per disk.
4. Can you play DVDs for movies this way?
Yes, if you put a DVD drive in the computer. But it still is not real economical to rip DVDs to a hard drive.
5. Can this link be two way? In other words, can I record off my stereo to the computer (for recording LPs, tapes)?
With a good sound card, yes. You can run the tape out from your preamp/receiver to the analog input.
6. Is there any way to remotely select a ripped "CD" without walking up to the computer?
Yes, you can add a remote control like the Firefly and use your TV as the monitor, or even control the whole thing through a wifi Pocket PC (see NetRemote at http://www.promixis.com/)
Good luck. There is a huge amount of info on this. Start searching.
- J