Hardware Advice - 500GB + Drive for videos

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Yeah, if you're willing to go with some used parts getting a cheap processor and motherboard from eBay, then the rest of the goodies online new. You can build a NAS with some redundancy and solid software solution pretty easily.

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i3-550 3.2GHz Dual-Core Processor ($10.00 @ eBay)
Motherboard: Gigabyte GA-P55-USB3 ATX LGA1156 Motherboard ($20.00 @ eBay)
Memory: Kingston 2GB (1 x 2GB) DDR3-1600 Memory ($10.99 @ SuperBiiz)
Memory: Kingston 2GB (1 x 2GB) DDR3-1600 Memory ($10.99 @ SuperBiiz)
Storage: Hitachi Deskstar 7K2000 2TB 3.5" 7200RPM Internal Hard Drive ($56.95 @ Amazon)
Storage: Hitachi Deskstar 7K2000 2TB 3.5" 7200RPM Internal Hard Drive ($56.95 @ Amazon)
Storage: Hitachi Deskstar 7K2000 2TB 3.5" 7200RPM Internal Hard Drive ($56.95 @ Amazon)
Storage: Hitachi Deskstar 7K2000 2TB 3.5" 7200RPM Internal Hard Drive ($56.95 @ Amazon)
Power Supply: Corsair CX 430W 80+ Bronze Certified Semi-Modular ATX Power Supply ($27.98 @ Newegg)
Total: $307.76
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2016-04-05 09:02 EDT-0400

I didn't include a case or cooler, since it's a NAS you may not be too concerned about the box it's in. Which case, you can salvage a case from someone. Or get a new cheap one with the cash left over compared to the external drive listed. Additionally, same goes for the cooler. You don't need much, a stock cooler should be fine and again, you either likely have one that'll work, will get one with the CPU. Or can get one off someone you know, failing that you can find the stock coolers listed on eBay for next to nothing. Most I'd spend on a cooler for this would be about $20 (Coolermaster EVO or something, but that would even be overkill for this imo, though you might be able to get away with passively cooling with that giant heatsink... might).

There's still room for a couple more drives too, so yeah you could have a decent setup there. If you went full raid with it, I'd definitely recommend dropping a few dollars on an actual raid card though.