Yeah, an old machine with an IDE WiFi card would work fine. You don't need a lot of grunt for a fileserver. I recommend Linux and Samba. That's what I'm using for my fileserving in my home network--an antique machine running a very minimal Gentoo with Samba. It lives by my desk here, but I could just as easily put it elsewhere.
You could also get one of those swank Shuttle small-form-factor machines and stick it under the shoes in your closet.
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