well, as a woodworker and audiophyte
I mean audiophile, I've done quite a few racks for myself and friends.
The best one I ever found was the ubiquitous flexy-rack, using threaded rods on plywood or MDF shelves. My original one was resized about 10 times before I gave it to a friend (so I could build another one). My next one is going to be made out of birch ply stained to look cherry. Birch and Cherry have similar grain patters and birch takes stain well. Cherry is ridiculously expensive.
MDF would be heavier, but a big amp or receiver would add more stability than the weight of the shelf. Just make sure to keep the heavy stuff down low.
As for your cubes approach. Plywood is very strong and can make boxes very easily. Most kitchen cabinets are 5/8" or 3/4" plywood. The problem is how you put it all together. if it's going to be an open back, then you may be in trouble because it will want to wobble or skew. If you have a closed back (which is very stable) you run into venting problems. I would invest in a biscuit jointer (google Porter Cable 557) and glue up the open-ended boxes that way. Reinforce the back side with some metal brackets and make sure the heavy stuff is on bottom.
I hope this isn't too confusing. Best advice is to plan to blow your budget, get some stuff and start making sawdust. The other details will work themselves out later!
good luck.