Johnny,
If you now do not like your cd player and it's 12 years old, time for a change most likely. You could add a dac, of course, but your present player would have to have an Spdif connector to do you any good. If it only has toslink, forget it. Likewise if there is NO digital out.
For new players, NAD, Arcam and the like are good values.
You can also shop on audiogon for good used players, usually at good prices.