Music Server format?


I want to acquire a music server. No experience. What format should I use for storing music? WAV, FLAC, AIFF?
Looking at Sony HAP-Z1ES? Any thoughts?
Do I need to convert CD files to different format to copy to computer?
Web site to learn?

Thanks

Awooof
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I can't tell you what's "best," but I can tell you what works for me.  First, I have a Netgear 516 NAS, currently with 8 terabytes in RAID for redundancy. The NAS is important, both for expansion and for processor strength.  Most NAS have pitifully underpowered processors.  Shell out the extra cash to have a decent intel processor.  This is important (for me, at least), because I also store my movies on there, and I have Plex Media Server installed, which will transcode the media  to match what you are using. So it will transcode an MKV if you want to play it on your iPad, for example.  It might also transcode a FLAC to play on an Apple product, since Apple does not support FLAC.  You want Plex on the server rather than on a separate computer so that if you are away, you can access the Plex server without having a computer hooked up to it, running Plex and turned on.  All of my music is in FLAC.  It is lossless, and more efficient, size-wise. It does not natively play on iPads, iPhones and through iTunes, if that is an issue.  If it is, use Apple Lossless, which is close to but not identical to the results of FLAC.

Second, you need some way to get it to your music system.  I have a Marantz 8801 which conveniently has an ethernet port to connect it to the network and it will play music directly from the server (but not video).  However, I use a Naim NDX DAC/Streamer, which is a far superior DAC to the Marantz and run the Ethernet cable to the NDX, and analog outputs to the Marantz. FYI, for movies etc., I use a KDLinks 720, which is a great little unit for accessing video (and 5.1 music FYI).  The KDLinks will also play music too, but will allow you to play on the TV screen whatever album art or booklets you have stored with the album.

Third, you need some software to organize your collection. Naim has a free iPhone app that allows you to access your music, and displays album art and information when using a Naim streamer.  Very nice.  I typically use the Naim when listening to music at home, for highest quality.  I also have Plex installed on the server, which is free and works great. Its ability to display album art is relatively limited to one cover at a time, although you can load multiple covers and switch between them.  But it also organizes your video files, tv shows, pictures, whatever else you want it to, so as a media server, it works great.  Plus, accessing your collection from anywhere with an internet connection is simple with the Plex app, so you can take your collection with you anywhere.

There are a lot of different solutions, but mine takes care of everything!
I second lostebars on using EAC to rip and FLAC as format
Use Exact Audio copy to rip your CDs to individual tracks. Each song will be a track. EAC is free and will make a bit perfect rip. Verify your rip with the Accurip database to make sure it is error free. Rip your CDs to either wav or Flac. I prefer Flac, They are still lossless but take up less space. Also you can use tags. Since Flac is lossless you can always convert back to wav if you wanted. It is important to get things right the first time. 

Can a WAV file from an existing CD be converted to FLAC or is that pointless? Consensus seems to be FLAC is best for PC based music format. I understand that new acquisitions can be FLAC but what about ripping existing CDs?

Thanks a bunch to all the helper that have posted.

Awooof
Sure, conversion is quite easy. FLAC files are smaller, so more files in same disk space.

Best,

Erik