Im certainly handy enough and have the tools to build a simple rack using 2x4 - when I say rack I literally mean rack, not a cabinet.
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One critical piece of information which I should have mentioned - no Craigslist or Monoprice here; I live in Canada - Nova Scotia for that matter. Shipping is rather expensive for something like a cabinet from Monoprice.
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Im planning on angle steel which has the holes pre-drilled in it; failing that you can order proper rack rails with the holes drilled at 1.75" spacing. My only concern with the angle steel (sometimes called angle iron, but its not iron) is if the pre-drilled holes will be spaced properly for the servers.
As for the rack being sturdy, Im in the middle of finishing my basement and plan to build an 8 foot rack which is secured into the concrete on the bottom and the floor joists on the top; literally floor to ceiling. Patch panel at the top of the rack for my networks and then racked gear (switch, servers) and some shelves for other things like non-rackable gear (i.e. my current UPS).
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