Haha!
Myroommate and I have actually been working on this and have started to pull the trigger. We are going to get FreeNAS for our software as we are building our server around a free program called Plex. This is awesome as we have the iOS apps for it to allow us to watch and listen to our media anywhere in the world as long as we have an internet connection.
We are even using symbolic links to enable us to load our music into iTunes so we can still WiFi sync with our computers at night.
Though rather than start another thread there is a HUGE thing to consider right now when building a solution such as this. It is the PRICE of hard drives at the moment. They suck. We could have gotten some for about $35 per terabyte and we thought we could wait a bit as funds were a bit tight and we have bought everything else besides our CPU. The reason why HDDs are so expensive right now is because of the flooding in Thailand. Read this article here to see some of the affects it will have in these next two quarters.
Boring News Stuff (aka knowing HDD price):
All that aside, if you are looking to slap one together using old hardware, that's fine. There are great articles out there to read up on as they can save you money. Again here is one to get you started.
NAS Stuff:
If you are looking for performance (speed & energy) and/or storage solution high up there then you might want to look at building one. We decided this option. So far we have gotten 8GB ($30), mobo ($120), PSU ($38). So we just need CPUs and HDD since we are getting a Sandy Bridge. We decided for this as not to buy a graphics card plus our motherboard that we liked had 8SATA ports on board with 4 being SATA III and 4 being SATA II. We are not worried about a case as I have a few to fill that gap as we are getting 7 hard drives.
The hard drives we are setting up are going into a RAID 5 configuration as we want maximum storage with some protection. We like this route as it will suite our needs. We do lose some space (~2-3TB) but really shouldn't worry about losing such.
So right now we are in the market to buy hard drives. Again this is a problem. We are struggling to get our price point for $$/(per TB) which is $35-$50 per TB. So right now one of the options we are looking at is either buying 2TB or 3TB Western Digital HDDs ($45 per TB and best pick so far) is that they are external HDDs. The problem is we don't know how friendly they are in terms of going into an internal computer. I've been looking around and hopefully can let you guys know shortly about this option as it is the best as of right now. The reason why I am saying this is because I've been doing this all day (meaning HDD search as we have finalized everything but CPU).
Hope that helps you out and if you have anymore questions please feel free to ask as this is a learning process for us and hopefully we can teach others.
Thanks!