You might consider using a DEQ2496 or SRC2496 as a DAC:

http://www.behringer.com/DEQ2496/index.cfm

You also get a digital equalizer, real-time analyzer, automatic EQ (if
you add a calibrated mic), excellent metering, etc.  It's a real audio
swiss army knife.

I'm using it as my DAC and also using the auto-EQ function.  

You do need to turn the level down (using the utility menu) to match
line level in consumer equipment (I have mine set to -3.5dB) and there
is a switch on the back that must be set in the proper position so the
output isn't too high.  Also since it uses balanced XLR outputs you
need an adapter to unbalanced RCA's (the adapters cost me $6 each at
Guitar Center).

I'm running the Squeezebox coaxial digital out into a SRC2496 (see
below) then using an optical link between the SRC2496 and DEQ2496 which
does the Digital to Analog conversion.

Here's a lengthy and very positive review from a few years ago:

http://www.audioasylum.com/cgi/m.mpl?forum=digital&n=108244&review=1

Guitar Center and quite a few other online dealers sell it for $300:

http://www.guitarcenter.com/Behringer-DEQ2496-Ultra-Curve-Pro-Mastering-Processor-Refurb-102305943-i1125218.gc

I actually got mine for $200 - it was a returned, used unit.

An even cheaper alternative is the SRC2496, which I also have and use
to upsample the Squeezebox digital output to 24/96.  It has D/A and A/D
conversion and I believe it uses the same DAC as the DEQ2496.  There is
no adjustment on the analog output level but you can turn down the
volume on the squeezebox a little if it's too much for your
preamp/amp/etc.  The SRC2496 is only $129!

http://www.guitarcenter.com/Behringer-SRC2496-ULTRAMATCH-PRO-Converter-182480-i1125214.gc


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kh6idf
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