Osxbmc
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xbmc had its roots in hacked xbox-1's. It has now gone legitimate, and is being ported to linux. It has also been further ported to Macintosh OS X, hence the name, osxbmc. Has a very clean user interface; also great for viewing photos, listening to music, seeing the weather, radio stations, and tetris... plays 99.5% of everything thrown at it. Can be run on a mac mini and puts the Apple TV to shame.
http://www.youtube.com/watch?v=tGdihkA5FK4
Another project boots xbmc on a usb memory stick. With this, nearly any PC (that can boot off USB) can run as an xbmc media center.
http://lifehacker.com/395212/run-xbox-media-center-from-a-usb-drive