$75 Mobo:
http://www.newegg.com/Product/Product.aspx...N82E16813121383
Intel BOXD945GCLF2D Intel Atom processor 330 Intel 945GC Mini ITX Motherboard/CPU Combo - Retail
Dual Core HT 1.6Ghz
2 onboard SATA ( probably can do RAID 0 ), one IDE, one PCI, onboard everything else
$110 HD rack
http://www.newegg.com/Product/Product.aspx...N82E16817994028
ICY DOCK MB455SPF-B Multi-Bay Backplane Module - Retail
Holds 5 Drives
$100
http://www.newegg.com/Product/Product.aspx...N82E16822148337
Seagate 1.5TB 7200 RPM (I like it for performance, and running WHS, the drives will spin down for power savings)
$3
http://www.newegg.com/Product/Product.aspx...N82E16812226006
SATA to ESATA connector...5 connectors go to the Docking bay, that leaves one spare, so put it out of the box for future upgrade
$43
http://www.newegg.com/Product/Product.aspx...N82E16820145180
2GB Corsair ram - I like this brand, and whenever I make a new machine, I always get NEW RAM
just to make sure that something laying around isn't what's causing any instability issues
$40
http://www.newegg.com/Product/Product.aspx...N82E16816124028
SYBA SY-PCI40010 PCI SATA II Controller Card - Retail
4 PORT SATA II, plus there is a reviewer that stated he is using this card with WHS with the same MOBO above
$free case - whatever I had laying around, already had a PS in it, rated 500W with the 80% rating
$100
http://www.newegg.com/Product/Product.aspx...6-550-_-Product
Windows Home Server
----------------------
$871 for 7.5TB server, with WHS, Gigabit, Dual core with HT.
to match what MOST of the systems have been listing, take out $400 in drives (I see most are 1.5TB).
If you REALLY wanted to get the "neat" LCD screen that the Thecus has:
http://www.mini-box.com/picoLCD-256x64-OEM
You could swap those drives for lower power drives...but in my opinion, when you want access to them, you want them running full speed, and as these are NOT in real hardware RAID (use FreeNAS's ZFS Redundant file system, or WHS's redundent file system), your speed is whatever one drive can sustain.
[added]
You could also run Ubuntu with a few addons. Apparently it's a pretty decent OS to use for NAS
http://smallnetbuilder.com/content/view/30573/77/
This of course, saves you $100 from the "purchase / build" price
[/added]
You could also add in a cheapy IDE drive (new or used, not included in the price on purpose, as I'm sure we all have a few 20-60GB drives laying around doing nothing) as the system drive (recommended so the SATA is just for the storage pool), OR I even contemplated something like this for the ultimate in low power (I'm worried it might affect performance):
$31
http://www.newegg.com/Product/Product.aspx...p;Tpk=TS8GCF133
Transcend 8GB Compact Flash (CF) Flash Card Model TS8GCF133 - Retail
with a $5 IDE to CF adapter card:
-- they are out there, couldn't find a link rather quickly... but it should be $5-$30ish
with 8GB, I'm hoping it's enough for the OS, otherwise I think you can get them upwards of 32GB.
I'm not sure if that card is fast enough, but it was something to get a rough price...there are 255x and 300x cards, something that is like that, which is FAST should allow one to install the OS and some basic software...this way your always spinning drive is using a couple of watts...where as the other drives can be power hungry, as they will sleep when not needed. I also like this method, as backing up the system is almost as easy as pulling the card and using a card reader to read it and image it.
Has room for 2 more USB drives (or a USB HUB and multiple drives) and one ESATA drive. If you hook the ESATA cable to the onboard SATA port, you can hook up a port replicator and get another (4 x 4) 16 drives in this thing.
Lets say you are still using the 1.5TB drives, then that's another 24TB in space. 32TB if you do 2TB drives.