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It's based on a Gigabyte GA-B75M-D3H, which is a relatively cheap (£58) motherboard, with an i5 3570 processor and 16Gb of half decent (1600Mhz, DDR3) RAM. Didn't spend lots on anything as my old hack literally blew up, £275 for the motherboard, ram and processor, reused most of the other bits including my old 8800GT graphics card.
I built it in October 2012 and it's done sterling service since then. Upgraded the graphics card fairly recently to a 750ti. It's currently running 10.10.3 but only because I haven't got round to installing the 10.10.5 update yet.
Yes. Running a hack based on a tonymacx86 recommended build:
http://www.tonymacx86.com/
I'd recommend this approach. His recommendations have all been tested to make sure they work and if you use his installation instructions/software it's incredibly easy.
I made it harder for myself by using an unsupported processor and graphics card which involved a bit more work but I used to have a completely unsupported DIY hackintosh and it is so so much easier than that.
Hackintosh purists don't like tonymacx86, I think because he makes it too easy for people.