Converting cd's to high resolution audio

OP
first of all, very few CDs “degrade”.  I still have mine from the early 80s and they play just fine.
  I have ripped several hundred CDs to the Vault2 and to a hard drive.  Nothing has broke.
I think that you have read too much Audiophile nonsense.  

I also own CDs I use from the very first days of CD!
I have never seen a CD degrade! (though I have seen CDs at the library where the data side surface peels off, but of hundreds of thousands rare. way below like 0,001%

This other comment
roberjerman said: "There is NO way to get any more musical information off a 16/44.1 CD! "
Well sorry to tell you there is.
The main reason I bought a new Marantz SACD/CD player with digital inputs was the fact it really does do more with CD than I ever heard before.
The Marantz DAC secion converts the CD data to DSD and then ups the game to Mhz territory to decode.
The results are CD sound as good as any SACD, and better since so many SACD destroy the room, presenting as if out of a black hole. (not so when it does CDs. more detail and the room is still there. lust better.
I had looked a long time for something to be a lot better than my old $250 used DAC! (in this quest I tried a raved about $2500 DAC and found it was no better than my used Adcom, and I returned it) I am cheap, but the Marantz was worth the $7K
It finally made my digital sound as good (but different) than my turntable

I concur w/ Elizabeth, in that, there is an incredible amount of information stored/locked onto a CD or SACD. Historically, there have been a few players that possessed an ability to unlock ,  retrieve, the data in those pits and lands. The new Marantz SA-10 is such a player and relative bargain compared to the top-tier Esoteric (both actual brand) and other  spinners in the $15K to 50K neighborhood. 

Secondly, the DAC has come of age and properly matched w/ the best transport (C.E.C and other brands) offers the listener a never before musical experience.
Happy Listening!

I can’t think of ANY CD’s that have become unplayable (collecting since 1985). I do have a few DVDs that have gone bad or bad from the get-go (complete series of M*A*S*H had a few drop outs as did the Robo-Cop set).

" All my music is on cd's and my reading tells me that the cd itself has a limited shelf life and will degrade over time.
Any recommendations about converting my cd's to FLAC or some type of high quality music files. Not looking for
compressed files.
I see products such as the Blue Sound Music Vault and a Sony High Resolution Music Player.
Does anybody have any thoughts about how to accomplish this goal?"

I use dBPoweramp and a plain Jane Windows PC with a CDROM. I rip to FLAC files and store on a hard drive. Works like a champ, and these CDs have never sounded better. I play back through a Bryston BDP-1 and a Bryston DAC.

And BTW, I tried to measure the so called "CD rot" effect and found some evidence using Plextor error detection software on a few very old, first generation (early 80's) Redbook CDs that I had. These CDs are now almost 40 years old, and when scanned using the Plextor utility, found significant BERs (bit error rates). Ironically though, these same CDs, when ripped with dBPoweramp on the same Plextor CDROM, came out "bit perfect" with no indicated errors whatsoever. So from a practical viewpoint, I would not worry too much about degradation in your CDs. In fact, the solid state HD, thumbdrive, or SATA HDD you use to store your ripped music will probably fail before your CDs go bad due to CD rot.