Since there are many new members, I thought I'd pass along some tips on building a highly-productive, low-cost, efficient cruncher.
CPU - I think there is general agreement that the Core i7 920 represents the best bang for the buck as far as a crunching chip goes. For around $280-290, you have a CPU that can process eight work units at a time. For those of you on a budget, the Q6600 is also a good choice.
OS - Most of us have found that using a 64-bit operating system in combination with one of the BOINC 64-bit clients generates the most points. You should see at least a ten percent boost in daily point production. Windows will generally give you more points, though some have had good experiences with Linux. XP is the most widely-used OS among BOINC users, followed by Linux and then Vista.
RAM - Opinions vary on this matter. Some feel timings matter, while others don't. Right now, memory prices are extremely low. So stock up before prices go back up again. :)
PSU - The choice of power supply is more important than many think. As some have already found out, cheap PSU's can lead to disaster. You don't have to buy the most expensive or even the most powerful PSU. But get one that has a proven track record of reliability.
Video card - If you have a machine that's used solely for crunching, the best choice remains the VGA PCI card. You can usually find them on Ebay for under $10. Another option is no video card at all. People can monitor the actvity of a so-called headless cruncher by using a utility like BOINCview.
Hard drive - Don't spend a lot of money on HDD's. An 80GB drive is more than enough. There are 40GB drives as well, but usually they cost as much as the 80GB ones. Resellers frequently have sales on HDD's. Just keep an eye out for those discounted drives.
More tips to come.:)