Though I don't disagree with any of the above posters' fine advice, I would make the following suggestion: look at an inexpensive Toshiba CD/DVD player such as the 3960, (plays everything except SACD), the 4960 (everything including SACD) or the 6915 (5 discs, everything including SACD). The 3960 can be found for approx. $80 at Best Buy, the 4960 for $119 shipped from J&R Music World (last time I checked) and the 6915 for about $145 shipped from J&R. These units sound very good (amazing, really, for the money) and give you the added advantage of use as a DVD player. If you are willing to spend another $250, talk to Doug Jesse at Reference Audio Mods about modding any of the above. Modded, these units compare with CD players way above what you are looking to spend.
Good luck!