Making a PC into a digital CD Jukebox


I am thinking about getting a high end PC and using it like a CD jukebox. My plan would be to get a fast PC with LOTS of disk space and memory, then rip all my CD to disk. This way, I'd be able to create play lists using Real or something like it. I would connect the PC's audio output into my receiver's CD or AUX input. My question is - is the sound card in the PC capable of producing reasonably high quality sound reproduction? I'm not an audiophile, but I do want to make sure I'm not taking a step down from a regular CD changer.
quickstep192
First, you don't need a "high power" pc to rip music. Second, The soundboards built into motherboards can leave a lot to be desired. Check out the M-audio soundboards.

I currently have about 800 CD's ripped to an external 200GB HD using lossless compression. It's fine for listening at the pc (b&W speakers, monarchy amp, energy sub) but I wouldn't want to listen through the big rig.

Good luck,
Try a Squeezebox from Slim Devices. You can use either lossless (WAV, FLAC, AIFF) or lossy (MP3, AAC) music formats, and the sound quality can range from decent using the unit's analog outs to excellent if you use the digital out with an external DAC. A high powered PC is not required for this, but lots of disc space is mandatory if you choose to use lossless formats.
How many CDs are you talking about ripping and what level of sound quality do you desire? Also does your system have a high quality D/A converter with external inputs? Your answers are important because you can configure a computer to achieve adequate to outstanding sound quality, it's a question of desire and money.
I Plan to rip about 100 CD's. That's the amount I have now. If it goes too much beyond that, I will "age out" the least used. My system does not have a D/A converter. The quality I'm after is somewhat subjective, but let's see if this provides some perspective. I'm currently using a Yamaha receiver that cost around $750. It's got a Yamaha 5 CD carousel. I have Polk Bookshelf speakers; around 8" I think. I recognize that this isn't top end, but I'm content with it.