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A pleasant surprise is hidden in quite insignificant system requirements. With only 512 MB of RAM, you could get your feet wet in an innovative server OS - Windows Server 8 Beta.
As expected, actual requirements may vary based on your system configuration. In addition, based on the applications and features you choose to install, things may become a bit more demanding. Processor performance is also a key here - keep in mind that it does not always depend solely on clock speed but also on the number of cores and the size of the processor cache. Minimum for Windows Server 8 is 1.4 GHz 64bit processor - not too bad for something that would run your server environment. Moreover, only 32GB of disk space are required to get going, so let's give it a shot.