Yes - most low-level servers are just desktop components that have been put together under the auspice of providing low level server functionality. I think you've highlighted your ideal system - a Quad Core CPU, 8GB RAM and 2 + 2 in RAID 1/5.
You can migrate from SBS 2003 to SBS 2008 but that's a different question and there is a lot of help available on Experts Exchange already - take a look with the search feature but please do shout back if you can't find anything and I'll help.
Regards,
Ady