Would be pretty difficult as you would have to custom make the mounts for the board itself, then make extensions for the LCD cables so you can mount it on the side panel or something. Then you would have to always use USB mouse and keyboard as you would need to remove or snip the ribbon cables that attach those to the board.
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On that particular motherboard, it has integrated video. If that's not enough, that motherboard has a pci-e slot.
How much ram do you need? Is 4gb enough? CD drives aren't that expensive. Dvd drives cost around $20 so i'm sure a cd drive will be less if you can actually find one.
320GB hard drives are around $60.
What will you be using this pc for anyway?