Okay, So here's my update...
Thanks to this forum and specifically a couple of members here, I have my new File Server up and running!
Here are the details for anyone else that would like to copy my build:
I started with 5TB first with room for future expansion
CASE: I-Star 4U Rackmount with Hot-swap Back Plane
POWER SUPPLY: 610watt PC Power & Cooling
Motherboard: ASUS P5Q-VM Micro-ATX Board
Memory: Kingston Value Ram 4GB (2x2GB) at 1.8v
CPU: Intel Core2Duo 2.53 45n core
DVD-Drive: (transplant from old pc)
Floppy: (transplant from old pc)
OS: Windows Home Server OEM w/Power Pack 1
HARD DRIVE(S): Western Digital Green 1TB
Total cost before the hard drives was $640 plus tax & shipping... For the hard drives, I purchased 3 to add to the previous 2 I already had (total of 5)
In addition, I used a 500gb Seagate drive that I had sitting around to install the OS onto.
When putting this together, I only had the seagate visible at first(all other drives turned off individually via the Back Plane). Loaded WHS OS onto it and downloaded any necessary drivers...
Once setup, I can either run the WHS "headless" (aka no keyboard no monitor) and add additional drives individually, or directly on the server itself.
Adding hard drives is a snap and can happen hot, meaning, you dont have to shut down the server to do so. I just turn on the individual drive (back plane on the case has individual power switches for each slot/drive), wait for WHS to recognize it, and with simple clicks, add the newly discovered drive into the storage pool.
Setting up remote access was also a snap. Using a Windows "LIVE" login, I set up remote access so I can access my server from any browser anywhere... Setting this part took only about 5 minutes to do...
Currently all 6 drives are occupying the on-board SATA ports (all six) on the Asus board I chose. I have 1 PCI-E 16x slot on the board for future expansion using an add-on card (if i need to down the road)
For redundacy, I used WHS to create duplicatation on specific folders you choose, so in my case, I turned it on for my photos, and important files... the rest, i have it set at default.
For BACKUP, I am able to attach an outside drive via USB and have WHS back everything up externally.
All in all, I have to say that WHS has met and exceeded my needs for a simple home file server that I can access from anywhere, including my home network.
PS. I also added an APC 1300va Backup Battery. I was curious how much power my server would draw since it will be on 24/7, and surprisingly, it only draws 60~65watts under streaming and load.... Needless to say, Ill probably return the 1300va and get something waay smaller since the 1300va is rated at 700-ish watts and based on its diagnostics, it was only utilizing 5% of its intended load with tons of overheard...