traumahawk, thanks for the reply, after much deliberation I decided to just buy a large external harddrive and hook it up to the usb3.0 port on my router. I could use a server but for what I want to do it would take alot of time and resources I dont have right now.
I will leave an old vista laptop with a cracked screen plugged in and connected via ethernet to insure good connectivity and speed and with which I will configure with the necessary media player and MS Office and others software on a user account on it and use Splashtop, which I can use to actually turn on the powered off vista laptop to save on energy consumption(unlike an always on server), to connect to remotely for those times I am away and I can watch my media and use good productivity software.
I actually like this setup very much and it also saves money and its just cool to do remote desktop for stuff like that and not have to use the power on the prime for it.
Splashtop is a very very cool product.
Now time to fill up 3 TB worth of space on my hard drive with streaming media goodness