Also consider AppleTV for the same purpose (hdmi & toslink available) . Hope this helps.
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The Airport Extreme is recommended as a wireless network device but it doesn't have an optical output so it can't be used to feed the Arcam. In fact it has no audio output capabilities. The USB port doesn't support audio either as it is intended for hard drives and/or printers.
The Airport Express and TV have optical out but I believe the AE is limited to 16/44.1 and TV converts everything to 16/48. Of course Apple won't say but from everything I've seen they can't do higher than that. The AE USB only supports printers.