I've had a chance to try some of those great suggestions given above. I like to share my findings. My comments will be based on the highly modified ML No. 37 transport as my point of reference.
My ML No. 360 DAC does not accept USB input, thus the MSI Z87-G45 MOBO was chosen for its S/pdif output connector. Using a Nordost 1.0m 75 ohm Valhalla V1 digital cable connected between the PC and No.360 DAC the SQ was very acceptable with this minimalist setup.
Next, the KingRex UD384 & PSU comb was connected to the USB port via standard computer cable. I thought this setup was worse sounding than the setup above. Floor noise increased and there was more digital sound. I didn't like the sound.
Swapping out the .99cent standard USB cable with the KingRex Unanimous UART USB Y-cable improved SQ by a wide margin. By adding this Y cable, the SQ was better compared with the MOBO S/pdif output by a small margin.
Next, the ASUS Xonar Essence STX sound card was installed. Using the S/pdif output on the Xonar, and connected directly into the No.360 DAC, via Nordost V1 digital cable, the SQ was superb. The soundstage is expansive, dynamics is the best Ive heard in my system, the music is clear and detailed, and most importantly it has weight. I like the sound.
There is much discrepancy with JPlay. As one poster said, its free to try. So I did. I thought in my system JRiver on its own sounds best. To be fair, I didn't fiddle with the setting within JPlay. Whether this makes a difference or not, I dont know.
Next, Im waiting to install Window Server 2012 and Audiophile Optimizer.
Thank you all for your inputs & comments.