Yea that's what I was going to do originally, using an unloved M10000 + IDE drives from various machines, housed in a 1U rack case. Although within 6 months I went a bit overboard and bought a 1TB F1, 1TB GP, D945GCLF2, various other things, and a 4U rack case...
The 10000rpm Velociraptor is absolutely sublime!!! So fast, quiet and economical. It won't make games run faster, but the loading will be much quicker. The downside obviously is that it is about 9 times the price of other "normal" drives per gigabyte. You will love it though. For me it is about 30% faster than my old 7200rpm drive, and I mainly use it for storing virtual machines (the loading/unloading really hammer hard drives).