The future is in digital servers.
Keep the CD player and take a look at the Roku Soundbridge to broaden your variety of music available. If you have a high speed Internet connection, you can use it to play countless very decent sounding Internet radio stations right out of the can.
If you have a PC and a wireless or wired network at home, you can rip your disks to a loss less file format on disk and start to experiment with a music server.
You can feed a DAC or other digital processors from the Roku to upgrade the sound quality as well if desired.
If you get another CD, make sure it has digital outputs and inputs so you might use it as a transport or DAC alone down the road as well if desired.