Something low end like that I'd personally use as a web server.
Why did you buy that? You have a rack? You'd have been better off with a desktop style system. You don't need a computer to be a literal server to run server software. I sure hope you aren't planning to sleep in the same room with that.. 1U fans can be obnoxiously loud.
My Intel 1U web server sounds like a banshee when it first fires up, lol. I have three 1U Poweredge 350s, two 2U DL380G5s, a 1U Intel and a 4U Chenbro. I keep that racket in my basement heh.
You do realize Minecraft is not multithreaded right? It won't care about extra cores. The PE1950 is from 2006. That's why it was so cheap, it's outdated and not particularly powerful. You'll never get 50-100 players on that without serious lag.
I think you both are getting a bit away from the point. That server is high end - in the ten year old server market lol. There is a reason they sell for dirt cheap you know. I don't think it'll be as bad a Strahan seems to think, but it sure won't be hosting 100 people smoothly. That won't be a problem because you won't have 100 people on, probably not for awhile. Do you even have a rack?