Since you stated you wanted to do this right, there's a couple things you should look into, and I'll list them here briefly:
1. A RAID storage, preferably network attached so it doesn't have to attach directly to your computer or player (they're noisy). Ex. Netgear ReadyNAS
2. A CD burner. Plextor is a good model, although any name brand would do (it's not important which one, as long as it works).
3. A CD ripping software. Exact Audio Copy (EAC) is, by consensus, the best one.
4. A music management software. There are many, both free and not free, although that isn't an indication of quality. Ex. ITunes, Foobar2000, J. Rivers, Media Monkey
5. USB/DAC to connect your laptop to your system.
So what do you do with all this? Easy, in one sentence: EAC rips the CD through the Plextor CD burner, then stores the music in .WAV or .FLAC lossless format into the ReadyNAS RAID storage device, which could be accessed by your music management software and played back through a USB/DAC.