Revised hardware

Tuner: Pinnacle 7010iX PCTV Dual Satellite TV Tuner ~ £33

Running Total 0: £33
(Put it in currently available PC, try out with OS/Media software.)

Motherboard: Gigabyte GA-MA78GPM-DS2H AMD 780G ~ £80
CPU: AMD Athlon 4850e - 45W - AM2 - 2.5GHz X2 ~ £50
RAM: OCZ 4GB PC2-6400 Reaper HPC (2x2GB) ~ £46

Running Total 1: £209
(Put them in old PC case, fit small HDD and receiver card, install OS/Media software.)

Antec Fusion Remote Media Center Case - Black ~ £132
PC Power & Cooling SILENCER 470 ~ £43

Running Total 2: £384
(Build Media Center PC with all above component, set up remote control, add wireless keyboard/mouse?)

Disk: Seagate Pipeline HD ST3320310CS x 2 ~ £102

Running Total 3: £486
(Do I have available HDDs kicking around - from HDR or 9200T? Pay £102 for 1TB WD instead?)

Blu-ray: LG GGW-H20L Blu-ray Disc Rewriter & HD DVD ROM ~ £143

Running Total 4: £629
(Think about media burning and playing of HD material off disc - do I need this?)