The best way forward? What to do with all the CD's?!

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PvA

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So what is the best way going forward?  I need some advice as I do not have the resources for trial and error.

I now own too many Cd's.  CD racks is going to set me back the same amount of $$ as a good network player/storage device.  What is the best options going forward regarding the following:

1) How/Where do I store the music
2) What is the best format to rip the CD's and at what bitrate
3) What DAC's/network player etc. would work the best (brand and models please)

Considering that:
1) I own a lot of CD's
2) Already have a huge collection of MP3's and Video content on disk

My current setup:
NAD T763 HT receiver
NAD C272 2 channel power amp
NAD C542 CD player

Thanks
 
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