Some recommendations for your setup.
You can use the HD as an external with an enclosure available in the market for about 600 rupees. Very handy.
You can put the monitor in your kitchen or give it your driver/servant to watch TV with a TV tuner device.
Your DVD writer is most probably IDE which can be used with a SATA converter in a newer PC. These things keep going bad so its always a good idea to have one in spare.
The rest is just use less , you can use the casing for BBQ.
I would have recommended you to use the current setup with an LCD screen to play /download movies but PIII is just too obsolete for anything. China tablets are now coming up with better specs.