I wanting to build a media player/PVR MythTV linux PC for my tele which will be capable of simultaneously encoding video (both h.264/MPEG-4 and xvid) whilst playing back 1080p video. That way I can watch hd video I've recorded whilst I'm recording and converting another programme in the background. So my question is, will this spec do this do you think? ...
Hauppauge HVR-4000HD - Video Capture + DVB-S2 receiver
Shuttle XPC SG45H7 - Barebone with built-in Intel GMA X4500HD Graphics
Intel Core 2 DUO E6500 2.93GHZ
...And if not, what do I need? Would a quad core CPU be a safer bet, more RAM or is that overkill?