Some context before I post this: I'm 28 years old and like some of the other nerds on here, I've been building my own computers, as well as part of my business, for over 15 years. I've gone through the super budget overclockers, gigantic cases with a ton of drives and fans, servers, etc...
In my most recent build, I decided to go for something relatively small, cheap, quiet and capable; no fuss. While I don't keep up with all the latest games as I used to, I still wanted something to could do the job if I wanted to, as well as take care of all my Photoshop, media center and other tasks with ease. As I read this thread, it's actually quite similar to trynds.
Note these prices are in Canadian as of when I bought them (February...not sure what they are now).
BitFenix Prodigy - $90
MSI H81I - $80
i5-4670 - $240
G.SKILL Ripjaws 8GB 1600 - $86
Samsung 840 EV0 240GB - $200
EVGA 760 FTW 4GB - $284
Silverstone SS-ST45SF 450W - $80
Total with tax = $1197
Now you never mentioned your actual budget, so you can easily save money with a cheaper motherboard, an 120GB SSD, and a lower graphics card; and since you talk about undervolting, you'd be moving to the 4670k if interested in that tier of performance.
This thing is basically silent. The only time you can sort of hear something (assuming you're not using headphones or don't have sound a decent level through speakers), is when you're pushing it with a certain game and the graphics card fan is going hard. I also had two hard drives that I migrated into this system as well. Full build and pic
It acts as my regular computer with
two monitors and a TV hooked up to it, as well as a media center for XBMC on my Nexus 7 and other computers on the network.