The MP3Elf is a pretty cool device. It’s an open sourced design for a networked MP3 player. It uses a TINI Java based microcontroller that is in a SIMM package (looks like a memory stick.)
You can download the plans and circuit board layouts for free, or buy kits or fully assembled units.
The price isn’t bad, you can get a kit with everything (including a 4×20 LCD screen) for $140. You still need to supply the TINI processor board, which is about $80 and might be hard to get.
So it ends up a little pricey at around $220 and you still have to assemble it.
A wired Squeezebox is $240 and it’s in a slick package. There is also the Roku Soundbridge, which is also in a neat package and starts around $150.
Looks like a cool project though.