Why get a External DAC when you have a reciever with a DAC 'Enlighten Me'

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Slim101

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I am back where I started with regards to external DAC's ...I read a few forums topics ..some even turning ugly on the subject but here is where I just cant put the puzzle pieces together....I have an onkyo sr 608 which has a burr brown 192 kHz/24-Bit DAC..it also has a pure audio mode that will switch off the video 4componenets for less interference to the audio, I have a Pc with a on-board digital coax output connected to the receiver...I was planning on buying a CD player with Wolfson? 192 kHz/24-Bit D/A with coax and digital connections...I then came across articles on DAC's ...I then looked up the Maverick Tube Magic D1 DAC ...it spoke about how it will improve the sound for you connected devices PC,Xbox etc okay so I thought if I am playing digital music like FLAC's from my PC it would improve
Question 1:
If I connect my pc directly to the receiver with a digital coax and let the 192 kHz/24 Bit DAC of the receiver do the conversion is this not  better than the 96 KHZ/24 Bit DAC from Maverick?how different is the USB connection from PC to DAC then RCA to Receiver?
Question 2:
The games I play on my XBOX or PS3 are in dolby digital so if I then connected my Xbox digital cable to the Maverick DAC then to the Receiver via RCA would I not be  losing out on Dolby Digital and sampling down to one of the lesser Dolby Surround modes?
Question 3:
If I connect the CD Player directly to the Receiver via a digital cable then let the receiver do the conversion would that not be better unlike connecting it to the Maverick DAC which will sample down the 192 KHZ to 96 kHZ?
Question 4:
Will the Maverick DAC have a major improvement on my lossy audio formats such as MP3 or is it not the same as me letting the receiver to the conversion and try improve on what is already a crappy format?

What improvement gains are you really getting when you get an moderately priced DAC...should one not either get a high end DAC or get a receiver /CD player/ Music Streamer with better digital to analog equipped? I may be looking at this from a very simplistic formulation but I am struggling to find answers to justify this middle equipment(Ext - DAC)
 
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