Alright, you want to split a 1TB drive into two, one half being for the server, and the other being for your home stuff, you can do that, but I think you'll have to make one section with the OS on it, like the server, and then partitioning it to where you can access your home files from the My Computer section. Why don't you look into getting a drive just for the server, like an 80GB, and another drive for your home files, which can be whatever you need, since if it's just a server, you won't need that much drive space.
As for your specs, you'll want a nice processor and a good amount of ram. I'd say at least a dual core processor, and I'd say nothing less than 2GB of ram, 4 if possible, though ram is pretty cheap now.
Also, if you're hosting this at home, you'll want a pretty decent internet connection. If you're unsure about your speeds, go to
www.speedtest.net, and select the location closet to you, and post the result here.
And for setting up a server, I'd take a look at this link to get an idea of what you want to do and what you might need.
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