If you buy the right components you will not need to underclock and undervolt your PC to make it quiet. The two things that will make the most noise are fans and hard drives. You just need to buy the right parts.
Seasonic PSUs are very quiet and reliable, a good choice for building a quiet PC. Corsair PSUs are also quiet and reliable as well and they are modular. Plus they are built by Seasonic.
You need to choose a good case that has good sound insulation like the Antec P180. But it's harder to find a good small quiet case that can fit a large quiet HSF.
Speaking about the HSF, you'll need to a good one. Personally I use a Scythe Ninja which is 150mm or 5.9" tall. There are plenty of better ones out there now though (and bigger). For a "small" HSF look towards the Zalman 7000 or 7700. If I remember correctly, the 7700 is a little louder than the smaller 7000.
I don't know what type of GPU you are looking for, but try and find one that exhaust the hot air out the back of the card. This means the card will take up two slots. Since hot air is being exhausted out the back, the inside of the case will not be as hot which means the fans can spin slower to cool things down.
Anywaste, it's a good idea to take the time to plan out your quiet system.