What I would do is just get 2 computers each with onboard raid and running 8 60GB Maxtor 7200RPM drives at $115 a piece, put those 4 drives in raid 0 (2 drives/channel), Then, I'm sure you could pick up some cheap pci raid cards, i got my 2 channel promise one for $85 and would be willing to sell it to you for cheaper if you wanted. all that storage stuff would be about $2010.
You could also fit it all in one box if you got 120GB drives. The cost would probably be more though.