Can use a Theta DS Pro Basic III as a DAC?


I own a Theta DS Pro Basic III digital processor and my Theta Data Basic II CD Transport finally bit the dust. I wish to salvage the Pro Basic Processor.

Can I use this in place of a modern day DAC to connect a computer music server, such as a Mac Mini, to my preamp? I also own an Audio Alchemy Pro 32 if that is any help.
kennythekey
I tried this with a Theta Pro Prime DAC and it did work but sounded verrrrrryy verrrryy bad.
We use the Theta Pro Progeny A as a DAC with a Squeezebox, this made a good difference. I would be interested to know what level I would have to hit to see a true upgrade to this? for Example: cambridge dac majic - would this make much of a difference or do i need to go higher up the audio food chain? Any suggestions folks?
Based on the detailed review from Blindjim, I have bought a M2Tech hiFace with bnc and connected it to a Theta Gen Va BNC in. I would recomend to replace the rca in on your ProBasic with a BNC chassis jack.
The sound is very good, but difficult to say it is better than the AES/EBU direct feed from the Cary CD 303/200.