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Setting up server with 2008

I have a small machine shop that I am setting up with a server.   It will be accessed by 4 computers internally and possibly 2 external (VPN).   I am going to use MS Server Standard SP1 2008 R2.   I just want to confirm that it should be ok to use server as an application server as well as a file server and is there anything I need to do with sotware and or drives to set this up?   It may be utilizing SQL server, but not sure about that yet.
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Thanks.   I am planning on a Xeon processor with 4 Gb RAM.   Do I really need redundant power supplies on a server?   and how do I install Hyper-V?
Thanks for the confidence to proceed
I know this is a little late, but here's the info out redundant power supplies.  It is a good idea to have them, since these are the most common cause of failure in servers. Without redundant power supplies you will be down until you can replace a failed unit.  With them you won't have any downtime at all: just swap the failed supply with a good one while everything keeps running.  

There are many good tutorials for installing Hyper-V. My favorite source is windowsITpro.com. Just search on hyper-v and you'll find loads of helpful articles.