How do I choose a decent system?

I am a novice audiophile who would like to set up my first (and last) decent system for about $2,000. That would include a receiver, CD-changer, speakers and maybe a phonograph (I'm a little old school). An MP3 player wouldn't be out of the question either. The room I have is about 40'x20' without much in the way of sound absorbtion material (hardwood floors, high ceiling, spread out furniture, etc.) Oh, and the system shouldn't be too conspicuous. I've looked at(but haven't heard) the Nakamichi compact systems, as well as B&O stuff. Any advice would be appreciated.