I decided to push the limits of budget audio tonight to see what I could come up with. Here's what I've got and I personally think it sounds great. Better than some stuff I have around the house that costs a lot more.
Raspberry Pi -$35
Edimax Wi-Fi dongle - $8
Charger - $5
HiFiMeDIY USB Sabre DAC - $45
CMOYBB 2.03 Rechargeable Kit - $42
Sony MDR-V6 headphones - $35 (bought used on ebay but sure look brand new) For the sake of argument though lets say $80
Grand total $215 ($170) if you count the ebay cans. Of course if you were so inclined you don't really need the CMOYBB so you could call it $128 if you wanted. I prefer the sound of the CMOYBB.
Raspberry Pi has Arch Linux running Squeezelite player. Also running Shairport and can stream Apple Lossless. Currently my favorite sound. Only have one DAC hooked up so you have to be a little geeky and shut down squeezelite to bring up Shairport and vice versa.
I may be crazy but this setup sounds better to me than my Bottlehead Crack and Sennheiser HD650 headphones. I'm not kidding about that either. It sure costs a lot less.