I do essentialy the same thing as Beerpal - I run a normal uncontrolled fridge, which serves a keg or two, has a freezer section for my hops, stores some bottled beer - and is my fermenting fridge too.
Instead of heat wraps - I use Immersible aquarium heaters, directly in the wort. They have their own temperature control built in, so I only need an external controller when I am fermenting a beer at lower than their control range (less than 18°C) - the fermeters get well wrapped in a foam camping mat for insulation.
I'm just using this sort of aquarium heater (not this particular brand though) 100W version - cheap off e-bay, and it does the job well, keeping a nice steady temperature either under its own control or set to flat out and controlled by an external unit. There are lots of differenet types, including fancy stainless ones with their own external controllers. But these ones are good enough for me.

And here is a picture of my multi purpose fridge

two different beers in there fermenting at two different temperatures (one a kolsch on 16 and the other a lager on about 10) fridge set to about 4°C and a bunch of bottled beer crowded around. You can see from the shank, that this fridge also does kegs. I have a different shelf arrangement now and I can ferment two beers at once, and store two kegs, one serving and the other lagering - plus room for a few (not many) bottles - and all the while the freezer compartment works normally and stores my hops etc
TB