Can you feed enough data to that box? By default it only has gigabit networking. I would think you are going to need 10GE to get data to and from that box.
Just because it CAN hold 1TB RAM doesn't mean that is the best answer. You need to evaluate your data sizes I/O infrastructure, etc. Look at the RAM/core ratio. Is 8GB or 16GB per core useful?
I am betting that 32GB DIMMs aren't cheap, think if that $$$ could be better used for network or storage infrastructure and get 8GB or 16GB DIMMS which will be much cheaper.
But, I am guessing your boss doesn't know a thing about IT. If he did he wouldn't have purchased an Opteron based host.