Hehe you would have to say "hello" to the neighbours
Seriously the 'PC-in-the-next-room' solution is widespread among audio pros who cannot tolerate the least background noise. The problem with this solution is cable extension, or radio transmitters. Wireless keyboard and mouse, long optical fibers (=$$$) for audio connections, the only thing that really suffers is the video... But audio professionals don't really care about that. (and video pros are already accustomed to noisy studios)
Some friends of mine who built their house recently installed wire passages through the walls, between the living room and the garage, to install a 'audio-video-console-gaming-surfing' station without cluttering the living room or adding noise there.
(edit) ah we posted at the same time. BTW if you're a true audiophile you should despise mp3
Baaad sound quality. Well, under 256Kb/s that is.