If your looking for a budget DAC to run with a CD player, Consider the Harman Karden HD 970, While it's really a bloody good CD player, it also houses an independent DAC, which can be used independently of the CD player.
We tested one against a dedicated DAC, [name withheld to prevent embarrassment] and it killed it for performance, And if you can pick one up at a cut priced E-bay store, even better. I paid all of $400 for one which is nothing when you consider my High-end DAC cost me something like 3 grand.