i am an IT person, and i build computers for friends/family on the side. i currently have a HTPC in my living room running cableTV, MP3 audio and DVD playback, and of course its a fully functioning computer. ive been planning a dedicated hi-fi computer for a long time, but unfortunately my funds have been limited so i can only dream. basically the only way i would do a hi-fi computer is in fact 2 separate computers with some special hardware choices.
first of all, you would need a quiet computer for playback.. the only way to accomplish this is with a heatsink/fan combo. the zalman heatsink/fan combos work extrodinarily well while basically eliminating audible noise outside the case. the cnps7000 series has a switch for low/high operating speeds, at the low setting it is inaudible from more than 6 inches away. a silent power supply would also be needed, silentx has gotten rave reviews and i believe enermax has just announced a fanless PS unit. you would also need a fanless video card, which are easy to find, and quiet case fans. again silentx has a line of silent case fans which put out no sound from more than a few inches away.
second you would need a quiet hard drive. only 1 drive is needed and i should be something small for just your OS and winamp(or whatever your fav playback software is). hell a 10 gig would probably do it, but those basically no longer exist. the seagate 7200 series i belive is just about the quietest hard drive your going to find. you can also find drive quieting kits, but i think that might be a little overboard. as long as you put a decent ammount of memory in the computer, disk access will be essentially none once the OS and playback software is loaded. the only other consideration would be a sound card. unless you are planning to purchase a very expensive RME card or comeparable, i would not go with analog output because of the ELM noise inherant on the inside of a computer case. i would pass a digital signal out via digital coax or optical cable to an external DAC. the m-audio audiophile would be my choice as it has mature drivers, lots of software support, and ASIO output via the digital output connector.
ASIO is a type of interface that allowes your audio to bypass a peice of software called Kmixer. kmixer upsamples all 44.1khz audio on a windows computer to 48khz. normally thats not a problem, but kmixer uses a crappy algorithm that actually decreases the quality of your music output. without getting into too much detail, you want ASIO output and the only cards that do it via digital output at 44.1khz are pro-recording sound cards, hence the m-audio.
now the 2nd componant would be a dedicated storage server for your music files. some sort of lossless encoding would be the name of the game(flac, wma-lossless, aac-lossless, ape or wav) it doesnt have to be anything special, just a simple(cheap) system with a bunch of hard drives configured in either a raid 1 or raid 5 array for redundancy. stick this computer in another room/closet, and run a network connection to your plaback machine. if you wanted to get real fancy, you could even run wireless. now your music playback machine will pull its files off of the network, not the local hard drives so hard drive noise will be essentially eliminated.
what would i pay for the whole setup, including both computers? i could probably build it for ~$1200-1500 im guessing, possibly cheaper because you dont need any real horsepower to playback music files. depending on how much hard drive space you would want. and of course, this would not include the external DAC.