no danger...PC's need a case about as much as dogs need drivers licenses.
You can use any non-conductive material to mount the motherboard to, say, the side of the cabinet.
www.happcontrols.com sells PCB mounting spacers made out of plastic (or nylon, I forget)...those are also handy, as they give you some clearance under the board. They're just spacers...you slide screws into the motherboard in the pre-determined places, then the screw goes through the spacer,a nd then into the wood.
Just make sure your video and sound cards have a nice snug fit in their slots so they dont fall out if you move the cabinet around (remember they'll most likely be hanging there on their own if you mount the MB on the side. If you mount it on the bottom of the cab, its a non-issue).
To deal with this, you can go to home depot and get some plastic Plumbers Strapping and just literally make yourself a little "harness" to keep the cards in the slots if they are prone to slipping out.