I was able to sell the old setup (Socket 775 Q6600 setup: Mobo, CPU, Ram) and upgraded to a newer system.
Now it's running on
Gigabyte Z68XP-UD3
Intel Core i3 3250
8gb DDR3 ram
AMD Radeon HD 7850
A whole bunch of Hitachi Ultrastar hard drives that I got a deal on ebay
2 intake fans to cool the hard drives and 2 exhaust fans on top of the case.
I realized that I use the home theater PC to play games more than my desktop so I put a radeon 7850 in it. 5.1 surround sound is just awesome and sitting comfortable on the sofa is much better than a computer chair.
This PC is going to also serve files throughout the home network
I finally figured out how to do so without using alternative Operating systems (Freenas, win server, etc...)