I would start out by building a good dedicated listening room. Then I'd get a pair of the GedLee Summa Cum Laude speakers, several of Earl's bandpass subs, and for electronics I might well go with Bryston. (Bryston would be on my short list anyway.)
I think I'd pick up some storage, like maybe EMC's AX4 series, and an HP server or two to connect to the storage. I'm not exactly sure what I'd get to tie that in to my stereo system, but I think I'd get a Squeezebox Touch for starters.
I'd go nuts at the record store(s) and then hire someone to rip all the CDs.
It might also be interesting to try multi-channel recordings, so I'd add some GedLee Harpers for those, and then the Bryston SP2 looks like a very good bet.