I'm sure motherboard and storage technology would have moved on a long way by then. I wouldnt trust a ten year old hardrive/motherboard. I've replaced enough 4 year old ones in my time. Unless you are using the old 'broom' methodology - "I've had this broom 30 years, its had 10 new handles and 20 new brushes but its still the same broom!" 

I managed to get over £300 for my 10 year old Meridian CD player (I paid £600 new). I wouldnt give £1 for a 1994 486DX 8mb PC with a 150mb harddrive and 8bit sound card running Win3.1. How PC tech is developing you wont want to keep a PC (or more specifically current PC tech) that long.

I'm not against the PC route at all. I just dont see it as a full replacement for a proper hifi system for ME. I just work with PC kit all the while and just know how disposable and cheap it all is. If it works for you thats great.  I have a laptop with a Creative external USB sound box with around 60 CD's copied to it, its handy to have but I couldnt live with it as my only music source.

I'm intrigued by it all, please continue with the investigations.