I don't know if this is exactly what you mean but I'll offer it anyway.
I wanted to put all of my CDs on a hardrive of some sort to keep my 17 month old from being tempted to open cases and damage them, which he has done. I checked out some of the offerings in Crutchfield and read some reviews. Those things are expensive!
What I ended up doing was putting everything on my PC, which has a 500 gig external hardrive. I then have my laptop hooked up to my receiver and I just stream the music via my 802.11g wireless network, by "sharing" the music folder on my PC with the laptop.
Its uncompressed audio, and I just create a playlist using Windows MediaPlayer. It works great so far.