Option 1 is simply subscribing to an IaaS vendor like Savvis, Amazon, Rackspace or GoGrid where you pay as you use on hardware and systems software and then buying and deploying your own ETL, DBMS and BI software (assuming they have no restrictions on what they will support). I am not sure that this is attractive enough on its own without a BI/DW Platform as a Service (PaaS) as well.