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Are these things that are possible for a person of mid level understanding of Linux?
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Yes, they are.
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How would one set about achieving all of the above goals? Any help would be great appreciated.
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One small step at a time. You have several different tasks that are all inter-related. Remember that Google is your friend, but it also takes a little bit of luck to get the right terminology.
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Have the 130 GB from HDA and 250 GB from HDB, be presented as one network drive of 380 GB as opposed to two of 130 and 250 gb respectively
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Look into LVM which will allow you to present multiple physical disks as a single logical disk.
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Allow other "known" systems to access the shared folder without authentication, but any system with an unknown name, should have to authenticate first
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Multiple ways, Samba, CIFS, NFS to get started with. For authentication, if the native forms don't support it, consider LDAP and Kerberos, though these are likely more than you need.
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Have the system run solely as a Samba File server for all other computers in the house to read and write to
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Easily done with a simple samba setup. Start with reading some Samba literature and how to documents as well as some free books on-line
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Strip down Ubuntu 10.04 to where only the bare minimums run and system resources (Since they are so scarce on this system anyway) be readily available
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A 2GHz, 1GB ram system doesn't sound that resource scarce. If you want to stay with Ubuntu, there is the server remix which does not have X and a GUI making it much lighter on resources. Otherwise consider a different distribution. Gentoo comes to mind as one that is highly customizable and while it takes time to set up, tend to be higher performance because of the optimizations.