Networked storage, the cheap and easy way?

Hello,
So due to the fact that I don't have the budget to get an Xsan setup, I'm looking for a way to get two Final Cut machines to share the same storage space, and additionally to get the media in storage on the network so other clients can have read access to it. Here's my idea:
Have my Powermac G5 and new Intel iMac attached to some storage device (RAID or otherwise) so that I can be capturing and editing footage from both simulatneously. Mostly I'll be using one machine as a capturing/exporting machine and the other as my main editing machine.
Then, I want to have that storage accessible over the network so that, using CatDV for media management, people who are responsible for choosing content for video here can search through the clips we have and send either of the two machines an EDL so editing can happen fast.
We're limited to gigabit ethernet because fiber would be way too expensive, and all we have for storage now besides internal local drives is a 1.2TB Lacie firewire drive. Any ideas on how I might set something up? I have a very modest budget, maybe enough for just one Xserve RAID (if that).
Thanks,
Matt

Read this:
http://www.kenstone.net/fcphomepage/metasannattress.html
Shane

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