AdamWysokinski
Mmm... music...
Recording/mastering, speakers and room.
Simplified, digital system it's source last and with Analogue systems, still source first.
The least expensive component in any all encompassing system should be the digital source based on my own experiences over the years - the most expensive will depend on the room.
Room and speakers.
Keith.
Actually, yer lugholes are probably the single most important component.
BTW, one major caveat:
The ranking of components in the order of their impact on the 'sound' of a system SHOULD NOT BE USED AS THE SEQUENCE OF SELECTION FOR A NEW SYSTEM.
When selecting components in order to build an audio system, the process should start at that end of the chain that interfaces with a fixed and given factor - the room - and these items are the loudspeakers.
So first select the correct loudspeakers for your given room, then move back one step up the chain to the amplification. If using separate pre/power combo, select the power amp(s) first for compatibility with the speakers just chosen, then select a pre-amp that is a good match for the power amp(s) and also provides for the required source component mix.
Source selection next - as you're unlikely to use more than one of these at any given instant, these can be selected in parallel.
Finally, select cables that provide the optimum balance in final output sound.
This has worked for me on more than one occasion (and also for some others I've assisted in the process).