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Can you remove the i7 processor and use it in a custom built PC? Also if I remove the processor would I still be able to use the iMac as a monitor for the PC?

I think from what you are asking here is you want to create your own custom Mac from parts. We call this a Hackintosh system. Here’s one of many sites that go over what it is and whats required: The Always Up-to-Date Guide to Building a Mackintosh (OS X El Capitan) So lets review things here a bit … The CPU is a standard CPU from Intel it does not hold anything that makes a Mac a Mac. There is a chip in the system (ROM) which holds the low-level code that makes a Mac a Mac. So I would leave your iMac alone and if its broken I would fix it ;-} Its worth more working than a parts system to build a Hackintosh!