Ask Slashdot: Computer Test Lab Set-Up For Home?

An anonymous reader writes "For as long as I've been playing around with computers I've had a home test lab. I found it to be a great learning tool. However, I haven't invested much money into it lately and because of aging hardware I can't get what I want out of it anymore. So a revamp is in order. I've looked into several cloud vendors for a box I can rent to do some virtualization, but it doesn't seem to be cost effective or practical. What are your thoughts on it? What set-up do you have at home for tinkering? Have you looked into hosted solutions for this?"