Of course it can be done cheap, I have all the same stuff. What I did find in ripping CD's with Windows Media Player is that it didn't always get the artwork, but more critical it often ripped the first song incorrectly and the file was corrupt. I noticed that first song was 1/3rd the size of similar length songs. I had to disable "automatically rip", and that solved the problem. A Bluesound Vault 2 now cost $1200. My original one had a list of $1000 but only had a 1TB drive. I paid $600 for it as a demo model, later upgraded to the Vault 2 for $200. So I have $800 into it.
I didn't pay the money just to have copies of my CD's. I paid it to get high quality rips to a standalone 2TB drive, connected to a top quality DAC with MQA decoding, a really good streaming device with great support, and control it with a tablet, my phone, my PC (usually off), and have it seamlessly connect to my other system, my NAS, anything I want. The BlueOS is more than just streaming and ripping. Far more, and that is worth the expense to me.