Sony Playstation 1 for a CD player ???

You can get PS1 for $5-$10, direct DAC -> RCA output parts $5-$10 plus a little soldering. For the price the sound can't be beat. The cost of mods should not exceed the cost of the player. Modifying $10 player with $500 parts and $200 "audiophile" power cords is just silly. If you are ready to spend $300-$500 buy yourself a MHZS CD player and do $10 modifications there.

Just received my PS1 (model 1001) purchased from Ebay. This thing does sound good. I'm using the supplied cheap RCA interconnects. Being too careful, I was reluctant to hook it up to my Cary Audio SLI-80 F1 tube integrated amp. So, I hooked it up to my Denon 1908 receiver. Wow! Right away there was a huge difference. I demonstrated to the wife - in a blind test - the PS1 vs PS3 and there was no contest. PS3 on by a technical knockout, lol. She was impressed. I'm going to let it undergo proper break-in for the next several hours before I experience it in my tube amp.

Planned upgrades: I'm not into mods, but I'll upgrade the power cord to PS Audio C7 or Furutech G-320Ag-18F8 power cable. Replace the cheap RCA interconnects with audiophile ones. I've read somewhere that upgrading the fuse also helps. I'm considering the Isoclean fuses. This should further improve this amazing CD player. To be honest, its made my Vinyl sound weak!

Heat wave, 103-104 last week. Used my PS1 outside while I played with my little one in her pool during peak temps without issue.
Don't think I will be buying a $200 power cord or $50 fuse for it. Wouldn't it make more sense to bypass the fuse and risk my initial $15 investment?

Just want to share my personal experience:

I’m running a SCPH-1001 with the dogbreath mod to the output stage with electrolytic DC blocking caps, upgraded RCA cables and a tube preamp buffer. For the power supply, I’ve replaced the stock unit with a good quality linear power supply. If I had to summarize the sound with one word, it would be “ridiculous.” This setup is better than my CD transport and DAC which if you include the upgraded power cables, coax cable, etc. rings up to around $1,100. That’s right, the 1st generation PS1 is besting an $1,100 transport/DAC setup at somewhere around a quarter the price including mods and the power supply. 

Now it doesn’t do everything better. The bass isn’t as crisp and the highs don’t have as much “sparkle.” Whereas the transport/DAC is capable of delivering a forceful punch in the bass department, the PS1 is more akin to a quick shove, but still impressive. What the PS1 does right is completely worth the slight trade offs. The mids are ever so impressive. Stringed instruments have a realism that I’ve not heard before. Horns sounds right. I think where the PS1 really shines is that instruments just sound realistic. It doesn’t have that hyper-realistic sound in the highs that so many digital setups try to reproduce but usually fail at miserably which causes listener fatigue and while it’s impressive for a short while, it leaves you thinking, “this isn’t what instruments actually sound like.” The PS1, especially with the mods and upgraded power supply, has the most analog sound I’ve ever heard out of a digital system.