First, you'll want an Intel processor as it'll run cooler. Since you're not going to be doing gaming (or much gaming for that matter), a Core i3 would suffice. Core i5 would give you better performance when ripping DVDs or Blu-Rays, however.
In terms of memory, you'll want at least 4GB with Windows 7 64-bit. For the hard drive, you're going to want a hard drive that's at least 1TB just for media storage (music, movies, TV shows, etc). You should also really get a matched pair of drives, so you can configure them in what's known as a RAID 1 array; what this means is that whatever goes onto one of the hard drives is automatically backed up to the other hard drive, so if either hard drive ever fails, you won't lose your digital media collection.
Trust me, you never want to lose your collection, because it's a lot of work to get it back. You'll want a separate hard drive OR a SSD for Windows and whatever software you'll end up using; as 64GB SSD drives are more than sufficient for a Windows 7 installation and whatever software you'll want to use for media management (iTunes, Boxee, XBMC, etc) and will help your system load Windows much faster than a traditional hard drive would. As far as the actual hardware build goes, I'd probably do something like the following - Core i5 2500k Z68-based mATX motherboard (such as the ASRock Pro3-M) 8GB DDR3-1333 or DDR3-1600 Samsung 830 series 64GB SSD (boot device) 2x HGST 7k1000 1TB hard drives (RAID1 mirrored media storage) Blu-Ray drive (like the LG BD-RW drive that runs around $100) 400+ watt power supply as a minimum, from brands like Antec, CoolerMaster, ThermalTake, PC Power&Cooling, OCZ, and Corsair; modular is definitely preferred, as you'll want fewer wires running in a small case) Either a cube-type case like the ThermalTake Armor A30, a desktop-type case that can handle a full-sized power supply, or a media-center case (one that looks like a piece of A/V equipment).
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