My first server was quite a bit tougher than that and it had some serious issues when I started asking it to do a lot at once. You might be able to get it going, but I suspect you might not be too happy with the performance you get out of it.
It's a bit shocking how much hardware you can get for how cheap. Even an Intel Atom box available for less than a hundred bucks that has no fan would likely run circles around that thing. One thing I'd definitely suggest is no matter what, an SSD if you're planning to run multiple platforms.