From the looks of it though, you still need something to control the drives, and nothing will really work on that hub, as the hub is just a big USB anyways. If you have a really cheap/old computer some where, or even a basic laptop, you could turn that into a headless server easily, just by plugging the hub into it and hitting share (then just scoot the thing into a corner somewhere). Ideally a low wattage laptop with USB2.0. I only suggest this since you have 7x USB drives, it's possible you have other old hardware hanging around that could be used to make a little "home nas" of sorts.
Though I'm no expert on the subject. I too would be very interested to find a way to convert a basic USB hub into a NAS device of some kind. Such as being able to load the software needed on a USB thumbdrive, and then serving USB harddisks from the other ports. That would be ridiculously nice.
You can plug 2 USB drives into it. It doesn't take 7, like you have, but it's a start. You could look for similar products. Basically a router that takes USB drives and makes them NAS drives. For like $100, that's pretty sweet considering alternatives cost quite a bit more. Also, before anyone whines about it not writing NTFS, it supports EXT2 and EXT3 as well as FAT/FAT32. EXT2 is all you need for huge monstrous sized disk support and windows can read/write that just fine. No need to keep a windows format (FAT/NTFS). And you're not screwed with FAT32-only support on those big drives. Format in EXT2 instead. You can google EXT2 and EXT3 if you don't have a clue what it is or why Windows might need a little help knowing how to use it.
Various Home NAS enclosures are available (D-Link DNS-313, -323, -343, DSM-G600, Linksys NAS-200) that accept user-supplied HDD; this is the option I have used with my home network, having tried both the DNS-120 and the NSLU2.
I have both a DSM-G600 and a DNS-323. I frankly find the DSM-G600 too noisy to keep on all the time, although I like the flexibility that the wireless enclosure provides. I have not had any issues with the DNS-323.