My dream system... Anyone has it?

My dream system would be to have all my CDs (even Enhanced CDs, CD+G, etc.) and DVDs securely archived in a bit-perfect compressed non-proprietary format and a virtual jukebox database player program to locate and play any track straight from the archives with no need to encode for PC-based playback.

Of course one could also batch-encode to lossless (e.g. FLAC) or lossy (e.g. mp3) formats or even to stream straight from the archive files.

I’m I dreaming? Is anyone here doing something like that?