Yay, I got it working! Is exactly what you should be saying by the end of this. Especially as you won't need a debug module or VGS adapter! (although they do help)
Updated on 27/04/14
The preface, if you're reading this you probably have an old MediaSmart Server laying around your house somewhere that you'd like to re purpose into a NAS box. If you don't already have a MediaSmart server you probably don't' want to bother with this guide. I wouldn't recommend buying one of these for this purpose unless you can get it cheap or just want to have a play. Especially as you can get probably get a 4 bay QNAP box for a couple of hundred quid that has a warranty and stuff!
This is really great to do, I was happy to find it was incredibly simple to get this all up and running.