Cheez;
Well, I just spend a bundle of money in the last couple weeks doing this exact thing and researched on the 'net for hours on many great sites. To answer your questions I'll just tell you what I did:
-- Intel D865 Mobo with P4 2.5GHz CPU and 1GB RAM. Passive northbridge heatsink. Consider whether you can live without a 3.0 GHz or higher CPU as they generate more heat so need more fans, and thus more noise.
-- Zalman 7000 series CPU cooler with fanmate set to lowest RPM. Used Arctic Silver-5 thermal paste. All copper not worth the extra $$ as it doesn't perform any better than the Al/Cu mix
-- Silverstone LC01 case. Sexy, plenty of room and cool. Fits in most audio racks/centers. Removed stock 80mm case fan and replaced with 80mm Acoustifan with thermistor running at lowwww RPM's.
--350W Seasonic Tornado PS. Get a 120mm fan PS. Also since you'll be leaving this on all the time spend a few bucks more and get active power correction to save your electricity bills and reduce the load on your circuits.
-- ATI Radeon 9600SE video card... no fan, just passive heatsink. If you don't need a gaming card you don't need a more powerful card with a fan. Connected to my TV using ATI's component output dongle.
-- Hauppauge PVR-250MCE TV/FM card connected via SVideo to my satellite TV receiver.
-- E-MU 0404 Soundcard (thanks to the recommendations on head-fi.org!!!!!!!!!) connected to my Adcom pre/amp and KEF speakers via analog out.
-- D-Link Wireless Ethernet adapter connected to the internet via DSL.
-- 2x200GB Seagate Barracuda drives... still the quietest drive out there.
-- Lite-On combo DVD-ROM,CD/CDRW drive.
-- Phillips Microsoft Media Center remote with USB IR receiver/blaster. (blaster controls satellite TV receiver)
-- Antec noise killer gasket kit.
-- APC BackUPS350... if you want reliability, use a UPS.
-- Windows XP Media Center 2004 OS with Service Pack 2. Also using WinDVD MPEG codecs for DVD playback
Whew! Glad that's over with. This beast is installed in my entertainment center behind glass doors and runs 24x7. The back of the entertainment center is open to allow the case/PS fans to push air out. I have turned on all the power saving features on the motherboard BIOS and in Windows. It runs very cool, around 38C CPU temp. at the hottest, looks great, and is quiettttt! I'm very happy with how it turned out.
So what can I do with this monster?
-- Record/pause/skip TV & TV guide (e.g. free Tivo)
-- Watch DVD's
-- RIP all my audio CD's and vinyl to disk and use it as a big jukebox
-- View my digital camera pictures and videos
-- Listen to FM radio
-- Listen to Internet radio stations
-- Buy payperview movies on the internet.
Where will I go with it in the future?
-- Upgrade to use HDTV
-- Upgrade my stereo and use SPDIF/ASIO for better quality.
-- ???
Have fun;
SteveO