Would an old P3 desktop be too slow as file server?

I want to have a file server to store my files so all my family's laptops can access the files, mostly video/mp3s. I have an old P3 tower which I'm thinking of just putting in a couple of new HDDs and use it as the server. Would that be fast enough to play video files from the P3 via my laptop using gige wire? Can I also do it wirelessly using the P3 or would the wireless be too slow to stream video files?

thanks