4 250GB drives in JBOD in some old cheap system, and some inexpensive RAID card that supports JBOD.
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Best way = 5x 250gb HDs on a 3Ware 9500S-8MI in a raid5. There really isn't a good way to back up that much data so redundancy is a good idea. I'm sure there are cheaper sata raid5 controllers out there but 3ware cards are all true hardware raid controllers, that is usually better