Steve, the PIII should work well.
I just turned my old Dell Dimension 4100 into one using the Hauppauge WindTV-PVR-250 card. I upgraded the RAM to 512MB and put another fan in there for cooling. So far so good.
I still need to upgrade the hard-drive as the one I have in there is only 30GB. Decided to go for an external hard drive instead as the old Dell only has a CDburner and no DVD burner (my new computers have DVD burners). Planning to build one and am waiting for the drive and HD enclosure to arrive.
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