Originally this design was just an idea and I wasn't sure what I would like to do with it. Then I turned this into a challenge and on the next weekend I ordered new computer parts and started working with the case. Fortunately I was able to use a small workshop for free where I could built the wooden frame.
In the beginning of the week I got the computer parts and started putting things together. Then I was very glad to see how well everything fitted. Actually my old GPU (Sparkle 7900GS passive) didn't fit with mATX board because the CPU heatsink was on the way but this was not a big issue. Got a secondhand 8600GT passive instead.
One of my biggest fear was mounting of the PSU. Since I also realized that 4x 140mm fans would make the case too large I went with the 120mm ones that I already had. Now I was almost certain that I would need to put PSU on top. But instead I was able to fit it right next to the CPU HS

After I got everything working I noticed that video card wasn't very securely mounted when it was just sitting on the mobo. I got an old case and then I was able to cut out a part of motherboard tray and install it to the wooden frame.
Anyway, enough with the talk, here are some pictures:

So fans are also placed on the top of the HDDs which is different from the original design. The final dimensions of this frame are 299x299x580mm
And here is a list of parts that I used:
Intel G530 - 35.30 €
Intel DH67BL - 74.00 €
2x Corsair DDR 4GB - 31.40 €
Cooler Master HYPER 212 - 28.90 €
Crucial M4 128GB - 170.50 €
Seasonic X-400 - 119.90 €
Frame: pine slats + glue + screws + hooks + elastic cord - 22€
Parts I used from previous build:
3x 2TB + 1TB HDD (WD green)
4x 120mm Nexus fans with fanmate
Now I'm waiting for 22nm CPUs and 28nm GPUs because I'm only keeping G530 temporarily.
But this is really surprising how cool G530 runs. All 4 fans are running minimal speed with fanmate at ~450rpm. Even with the full load the heatsink gets barely warm.
The loudest parts of this build are HDDs that are still audible.
So far I'm very happy how everything has turned out so far. I've been running it for over a week without issues. But as you can see this build is not really finished. At the moment this is just a frame. I would also like to cover it with something.. But I'm not sure with what so I open to suggestions.