Suggestion for Ext HDD and Media Player for it

Hi all,
I am considering purchase of a 1 TB HDD and a suitable Media Player that I can connect it with so that I can make copies of the CDs and DVDs I have and play them on TV without wearing out the optical media... Can anyone make a good suggestion on decent hardware for the same... I have a preliminary budget for HDD as 5k and want a decent media player at minimum cost... 1080p is NOT essential.

Thanks in advance
Arun