Share a playlist (the actual audio files) with a friend

I made a playlist that includes songs purchased on iTunes and from other places (datpiff, cd). I want to give the playlist to a friend who doesn't have a CD player. How do I do it? Can I save the audio files to a thumb drive? Will he be able to play the tracks? Or should I save to a cloud application like dropbox and invite him to share the folder? Any suggestions would be so helpful. This is the first mixtape I've made in the post-cd era!