I'm thinking of buying a small lathe

I'm thinking of buying a small lathe...

Main objective
- make it CNC

Secondary Objective
- make it able to cut titanium (with a bucket of sand really close by)
- Able to make bore out holes

Tertiary objective:
- make chess pieces (titanium and aluminium)
- Possibly rings

Power:
- Preferable 110v, 60 Hz
- 220v possible, but needs rewiring to my garage or basement.

What should I be looking for?
What makes and models are good?
Horsepower should be in what range?
RPM should be in what range?

I'm thinking of getting a combo mill/lathe setup. I'm not sure if I
will be disappointed with the size and power later on though. What have
been people's experiences with these combo systems??

http://www.harborfreight.com/cpi/ctaf/Displayitem.taf?itemnumber=44142

http://216.154.132.143/cgi-bin/picture?&NETID=1530060312020061541&NTITEM
=B2229

(I think they are the exact same machines, but difference colours).
(The second link is now sold in green, not white)
(The second link is in Canadian as well... so it's peanuts for everyone
else)

Anyone have any regrets about these machines, before I plop down a wad
of multi-coloured money? (Canadian money is different colours for each
denomination, not just green, for those that didn't know)

--
Lloyd Leung
Lloyd@...