MS home server

Is it worth my effort to re-use my old desktop for a home-server build or should I just build a budget server with newer, more futureproof parts?
I currently have an old Asus A8V-Deluxe (939) pin board with a Athlon 64 x2 4200+ processor and 2GB of memory(PC3200). The board itself supports 4 SATA-150 drives and 3 ATA133 drives. The current HD and video card will be irrelevant in server.
While I think it has the processing power, I think I will be creating some pain trying to make newer 1 TB+ drives work using the older first generation SATA 1. My other concern is longevity of the board and possible replacement and with the ensuing PITA of calling microsoft to re-activate(hopefully) the OS when the MB is replaced. So ~$100-$200(HD purchase) vs. new build ~$500-$600. Worth it?
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  1. I'll start off by saying that I don't know much about servers but I wouldn't want to use SATA-150 for anything at the moment, especially a server. You might also require a BIOS flash to work with 1TB and upwards hard drives. I'd say build yourself a cheap AM3 socket computer to use instead.
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