I'm not sure what all the options are, but a Slim Devices Squeezebox plays 24/48 flacs natively (along with many other audio formats) and they generally have very good on-board D/A conversion. They allow you to wirelessly stream 24/48 over your home network, for playback at your stereo. I've got both a Squeezebox Ver 2 and a Squeezebox Duet.
They are discontinued now, but if you keep an eye out, you can get one (Ver 2, Ver 3, Classic, Duet) for under $100, maybe even $50-65 or so shipped. Don't get the older Ver 1, and I'm not sure about the Squeezebox Touch or other models, but the ones I have listed should work fine.
You also can get an app to control them from your iPhone/iPad and I imagine that Droid's would have a similar app.