Had this response in another thread, but decided to put it here, makes more sense here.
Here is an article that talks about using the NEC external CDROM drive
http://positive-feedback.com/Issue3/cdrom.htm I have the model described in this article. I don't have an external DAC, but I listened to the output, and it sounds decent, better than a $25 CDP should, IMHO. My modded SA14 kills it, but that's not a fair comparision.
This model has a digital out, but all they did was connect an RCA jack, with two wires, to the digital out of the internal drive, so I think that would work if you have a model without the digital out.
BTW, I tried my NEC with CDR's, and had no problem reading them.
It's biggest drawback was no remote, but what do you want for $25?
Randy