Perfect. Then building should make sense.
I don't have a lot of time, but I'll start with a rough list of parts (and can cross check a few vendors later in case of price differences):
CPU (recent price drops have been great on this) - $184
http://www.zipzoomfly.com/jsp/ProductDetai...uctCode=80724-9
Motherboard (this should be a good value, need to look further at this later as some of these are fairly new and I have not looked closely at the differences)
http://www.zipzoomfly.com/jsp/ProductDetai...ductCode=247081 - $103.99
DVD Burner (may find a better price but Plextor has the best drives) $63.99
http://www.zipzoomfly.com/jsp/ProductDetai...ductCode=173448
Hard drives (3 500gb drives in raid 5) $239 (note these drop to as low as $179 each recently if you watch)
http://www.zipzoomfly.com/jsp/ProductDetai...ductCode=101546
Power Supply (need to check for low noise, non-sli) ~$100
Video - Any other uses for this machine? Plan on playing games or anything like that? Shooters or other graphically intensive programs? Going to guess unless we go for the newer stuff somewhere between $100-$150 will get a nice balance.
Ram $144 (just need to check the speed on this) 2GB
http://www.zipzoomfly.com/jsp/ProductDetai...ctCode=85016-16
Cases - PC case or HTPC? Did you like the shots of the one I posted? Does it need to be real small? The one I got was $150 with shipping
OS - Will this be an MCE machine or other? I think I saw XP Home for $50 recently (otherwise $89), as otherwise Windows MCE shoudl be around $130 or so. If you need Windows XP pro it gets closer to $140 I believe.
Eye/Remote (MCE one is about $30, usable with Sage as well).
TV Tuner (times how many you want) $64
http://www.amazon.com/gp/product/B00064GI2...glance&n=172282
Thermal compound - I usually clean off the stock cooler they give and use something like this (even replace the stock heat sink) $6.99
http://www.heatsinkfactory.com/shop/produc...53&cat=0&page=1
Floppy/Card Reader (I usually like to add one of these): $24
http://www.zipzoomfly.com/jsp/ProductDetai...ductCode=110407
I'm playing with Sage right now, Note I found out Cablevision channels are not always properly reported in MCE (fine in Sage). Wife likes it as well, only complaint is several clicks to delete something (which can be fixed with new skins I think).
There is a rough stab at it, please give any feedback based on what you want to do with it. We can go higher (increase cpu, high end video card if you are going to do other things).
Case may have an impact on number of drives, etc. I may have missed something but this should get you started. We can refine based on your feedback. This will be a nice setup. Dual core machine so plenty of power, low power usage, nice ram setup, big hard drives with redundancy (can look at pricing options, 4 250's vs 3 500's etc).