First time case mod!

Hiya all! Well after reading tons of project log's and seeing all the great and awesome things that many members here are capable of, I have finally decided to take the plunge as well.

I have gotten and had the right tools for some time now

-Nice Black and Decker R6 Dremal tool
-Reinforced Cutting wheels
-Primer paint
-Safety glasses
-Respirator
-Sand paper
-Etc

So now I have run out of excuses on why I can't actually do this.

With that I am thinking of making a case built for a ITX Motherboard. The material that I am going to be working for is a Creative labs speaker case that my friend gave me!

I can't upload pictures from work since our filter is blocking techpowerup.org but it just seems to be perfect for an ITX case and I will put some up when I get home.

The dimensions for the speaker box are as follows.

11.02" W X 9.05" L X 10.55" H

The backside has a large opening that is 7.0" W X 3.9" H

The motherboard that I was looking at is 6.7" X 6.7"

The power supply I was thinking of is super tiny (1.7" x 0.6" x 3.23") and is new to NewEgg.

Everything else seems like it will fit (DVD Player, fans, etc).

With all that I need some advice on how I should go about this.

The box is completely solid so I will need to cut a portion whether its from the top half or one of the sides and make it re-attachable. I am thinking would be easier to do that with the top.

The material from the speaker looks like stacked cork board that is glued on each side. I suppose I could just get the glue really hot and then disassemble the thing, then screw it back together. Also the protective plastic over it looks like it can be peeled off.

Should I peel it off or just repaint over it? This will probably take me some time to do but I want to commit to this and try my hand at it.

Any opionions or suggestions are welcomed!

EDIT: Forgot to mention that the "top" of the case has a large hole with predrilled holes in it that are PERFECT for a 120mm fan. Mmmm fans.