flatiron: Can it be souped up?
You can overclock. The ARM processor in the Pi3 is prone to overheating if you don't cool properly.
flatiron: 1) Stick ubuntu or some open source linux on it and run wine?
You can install the ARM version of Ubuntu or Raspbian. WINE's out of the question I'm afraid because it needs a x86/x86-64 processor. There are efforts to get WINE running with JIT transaction of x64>ARM code, but the Pi3 won't ever be able to do so in any meaningful fashion.
flatiron: 2) Play quake WITHOUT 12 hours of compiling?
Don't know what's in the ARM Ubuntu or Raspbian repos, but Retropie certainly has binary versions of Quake in the repos. Just need the .pak files. Didn't run very well for me, but I didn't put much effort into config. I hear that recent versions use OpenGL instead of software rendering, which may run better.
flatiron: 3) Play deus ex?
No.flatiron: 4) Play outcast?
No.flatiron: 5) Play turok 1&2
Only through the N64 emulator, assuming that you can get the performance and compatibility you need.
flatiron: 6) Play stalker shadow of chernobyl?
No. If you're looking to run games, DOSBox does alright for games up to a cycle count of around 6000. I've played and completed Might & Magic 2 on my Pi3.
flatiron: 7) Use it for video editing?
No. CPU and GPU simply aren't up to the task.
flatiron: 8) Use it for word processing?
Yes. Raspbian and Ubuntu both have LibreOffice in the repos. Installing a printer can be a bit of a chore though as you have to configure CUPS manually.
flatiron: 9) Hook an actual hard drive to it? 1TB size?
Yes, but you'll need one with its own power supply or a separately-powered USB hub.