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Do it, definitely the best use of old PC stuff. There's no difference between a PC and a NAS - they have all the same parts in them. If it's got a spacious case and fans running then it will probably stay cooler than a low-end NAS.
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Check what power the PC uses on idle as your running costs may be significantly higher than a Synology or something with a low power CPU. More of a factor if you end up running it 24/7.
Consider unRAID for OS (which has built in support for Dockerised applications and VMs), or FreeNAS. I would definitely not use Linux command line unless you know you want to.
hamrack
chez_jay
@Polygon
I keep looking at buying a NAS, then keep coming back to the massive tower sitting in my living room, which I want rid of, and has about 6x 3.5" bays. Any downside using this as a multimedia server & RAID storage if I fill it with new hard drives and stash it in the loft? I could use WOL to power it on, and I don't really need 'always on' storage as I wouldn't be doing anything with it most of the day, possibly if I ever get around to installing security cameras, but I can cross that bridge when I come to it. Is it any more of a fire risk having a PC unattended than a NAS?