Quality required to hear vinyl

I currently do not have a system. I have looked at them in the past, and now that my business is starting to give me some returns I'm picking up some of the things I've always wanted but never had the $$$ for. I'd like to get a cd player and a phono to play side by side.

I've been looking around (online) for a while, and it seems like the above components would be a good place to start. I don't have a high quality audio store in my area and so I can't try out a bunch of different stuff to see what I like the best.

I'm open to any and all suggestions, ideas, etc...

Thanks!