Comtemplating and HTCP PC........

I've been thinking about putting together and HTCP computer for use with Netflix online and like services through Windows Media Center. The one thing I'm caught on is using the TV Tuner and graphics card. From what I understand this is how it works. You have a normal PC, but it has a TV tuner installed. Windows/the Media Center takes the signal from the Tuner (cable in my case) and allows it to be used in Windows Media Center, or another media player that supports it. Which is displayed through the graphics card through a DVI/HDMI port.

Now I was trying to figure out what are the demands of and HTCP PC, I'm not looking for "blazing" boot times and performance but decent and enjoyable playback.

Would a system with 4GB of Ram and an E5200 with a GA-G31/41m work? And what kind of graphics card would support smooth playback. ( I'm not concerned with high-definition playback really, this is only going to be with a 4:3 TV that is either 480p or lower. Noise isn't toooo much of a concern, I'm thinking it will go in a cabinet over the TV. And I'm most likely going to use a remote from a Logitech Z Cinema Speaker set, as I've tried and liked it so far. This will most likely be on a Vista 32-Bit system.