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Will underclocking affect the other use as a HTPC and playing bluray discs?
Overclocked before but never underclocked - seems a strange concept
If you use it for WHS it won't have another use
WHS is based on Win2k3 and is really not suited to playing back media itself. It's geared around running as a headless unit, serving up media to clients (including HTPCs) and only has a small c:\ drive for installing apps on (20gb).
Also the way it works, especially with multiple disks, it's safer to stay away from working on the machine directly, and doing it via the clients and their connector software.
Not saying it can't be done, but it's not what it does best. You might be better off keeping the HTPC as it is and working out how to add basic server functions to that OS instead.
Underclocking is just the opposite to overclocking, slow it down to run at a lower speed and it should be cooler and require less power