Erik, it's my understanding that the HDCD process squeezes 20 bits into a 16 bit WAV file for CDs. I use dbPoweramp and it has an HDCD decoder built in. It's (somewhat incorrectly) listed under the DSP effects section. I've used it on my HDCD-encoded CDs and it seems to work well (the DAC identifies them as 24/44 files and they sound fine. There's a check box in the decoder to apply "+6dB Amplification (align 20 bit result in upper 24 bit range)" and if you don't use that the volume comes out way too low (6 dB!).
Dick
Dick