ECS MB + AMD Phenom II X6 1035T Six-Core CPU $150 at Tiger Direct
Buy.com (with Electronica Direct) has the Linksys NAS200 Network Storage System with 2 Bays for $90 + $10 shipping = $100 shipped. Features provides 2 bays with SATA interface, easy installation and removal, push button for data backup. [Compare]
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One issue; 10/100 only
. Other NAS have 10/100/1000 network. 
get the dlink dns323.
It's just a whole load better.
check reviews.
I ended up with this...Im in heaven now.
If your important about keeping your data safe you have to shell out the bucks.
http://accessories.us.dell.com/sna/products/Hard_Drives_External/productdetail.aspx?c=us&l=en&s=dhs&cs=19&sku=A2029012
#3 can you tell us how much wattage/volts of electricity this thing eats up for you? would imagine running this thing 24/7 could be $20 a month min.
#3 for that price it better have very fast network xfers, faster than a modern PC, or you just wasted alot of money