ahh, nevermind, yeah this system would easily blow it away.
its hard to say, if you feel you could utilize that server to its fullest potential and as GZ mentioned, it may be loud, then keep it and use it, but if you don't think you'd ever be able to effectively use all 8 cores and 8GB of RAM. I'd look into selling it, but then again, I wouldn't expect to get what it goes for new.
but you should be able to sell it for enough to build a newer single CPU quad core system, that'd be much more reasonable.
me personally I'd love to have a system like that, would help with 3D rendering programs I use in my spare time as a hobby. the 2 Quad cores would drop render times like a rock, but then again thats just me (also if I had a solid enough broadband connection instead of the Cable internet I have now, I'd use it as a game server for my clan when not used for 3D rendering)