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NAS for Surveillance and DVR

I'm a complete noob on this stuff and curious to know if this is possible.

I'm thinking of purchasing a QNAP TS-251, add 8gb of ram and 2 4gb WD Red(or Purple) Drives.

I believe I can create VMs and install Windows to use Blue Iris as my surveillance software for several ip cameras that will record to the NAS. And also use something like MythTV to act as a DVR.

Would this work? I was thinking of purchasing a Zotac Zbox to run the software but I believe the QNAP TS-251 can do that for me.

I appreciate any feedback.
 
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