digitising the CD's is easy - use iTunes or WMP - will take 5-10 mins per CD.
allow at least an hour per LP possibly 1.5 hours if you want to split into individual tracks and clean up clicks/plops. use Audacity
as for storage, you might need two devices - look at this page!!
or you could plug an external hard drive into one of these :
if you research media streamers like this you might find one with a built in hard drive