Raspberry PI running MinimServer - YES!

[maniac]

to sum it up for now:

minim server-0.72e working on RPI Model B Revision 1.0 (256MB RAM)

raspbmc installed
java package jdk-7u45-linux-arm-vfp-hflt.tar.gz installed
xbmc disabled via command: sudo initctl stop xbmc

nfs share from qnap

rpi connected via wifi to qnap and upnp dac (Edimax Technology Co., Ltd EW-7811Un 802.11n Wireless Adapter [Realtek RTL8188CUS])
wifi access point - apple airport extreme, about half meter from rpi

16/44 ok
24/88 ok
24/96 ok
24/176 bigger skips occasionaly (probably issue with DAC software)
24/192 ok

via wifi, transcoding to wav:

16/44 ok
24/88 ok
24/96 ok
24/176 microskips
24/192 skips

bottomline:
- do not browse the library during playing it can cause skips/drop outs on 24/176 and higher rates
- let album art to load in your controller before playing, loading art during playback can cause skips/drop outs on 24/176 and higher rates
- disable xbmc if you want to use transcoding of highres
- i believe going via ethernet as ReneZ suggested will solve the skips/dropouts as cpu usage is under 50% - will try this when time allows