Provided you can install the server onto 4GB (btw when you say "server drive", that means something completely different) then you should be fine (unless you anticipate getting tens of thousands of visits a day or soemthing)
Depends on (a) the specs of the system and (b) how familiar you are with the process. Purely based on specs, my sysetm can crunch through a reinstall in about 30-40 minutes