I can help you with this for sure!
First, lets look at your sources: your computer, your portable, and CDs. The best budget minded approach is to consolidate your sources so they all funnel into a single digital line out. There are different approaches to this depending on whether you use a Mac or PC, and whether your mp3 player/phone are both made by Apple.
The first step if you use a PC and either your mp3 player or phone is not made by Apple is to buy an Asus Xonar DG sound card ($28 shipped from newegg) and install it in your PC. Your PC will serve as your CD player. You will also be playing your mp3 player and phone through your computer (you have other options if they are Apple). The key thing is having a single SPDIF line out from your computer for reasons I will explain shortly.
If you use a Mac and an iPod and an iPhone, reply to this post saying so and I will explain how to do the same.
Once you have all your sources running out of a single optical line out, you will just need a receiver with an optical line in (i.e. a receiver with a built-in DAC):
Yamaha RX-V367BL
or
Yamaha RX-V371BL
Either receiver can be had for around $200, which is less than you'd pay for a discrete amp & DAC of equal or better quality.
As for speakers, if you want to get most out of the stereo experience on an extreme budget, the only speakers you should be considering are the Infinity Primus P253's ($100, newegg). I say this because they provide adequate bass without the expensive a subwoofer, unlike bookshelf speakers.
This $450ish setup is the least you can possibly spend to get a stereo that's worth the money. I'm sorry to report that a budget of "not much over $200" simply can't buy anything that would justify spending the money, and certainly nothing that would sound good if you've been spoiled by "higher end headphones."
I personally have a pair of Monitor Audio RX6's powered by a Harman HK3490, so I have a pretty good frame of reference as to whether or not any particular stereo setup is worth the money.
I'd be happy to answer any further questions you may have.