inexpensive hdcd player or dac

While "inexpensive" is a relative concept, I'd suggest you look into a used EAD DAC, like the DPS 1000's, some of the later models had HDCD. These are often available used from $300-400. Otherwise, if you want new, I agree with the recommendations above that you should try the MSB Link Dacs or Cal Audio, both of which produce good quality for the budget conscious.

The CAL HDCD Icon Mark II Powerboss is a great stand alone player that can be purchased used in the $500 range. For $65.00 you can send it back to the factory for a cleaning and check of all outputs, money I believe well spent.

The Rotel RCD-951 CD Player is under $500 new and has HDCD.

some of the cal dac units, sigma etc., can be upgraded for about $450. both the deck and dac can often be brought on the used market for 400/500. i like the rotel unit also and its an 'in the box' solution. most dealers will let you do a take home so risk to see if hdcd is for you would be low. look for an hdcd software title that is already in regular cd format you own. keep the variables to the player. use the same cables etc.

The Parasound 1100 or 1500 DAC's have HDCD and are reasonably priced used.