depending on specs it will be a little power hungry, but a good virtualization platform.
yes, the power supplies are likely redundant and the server will complain if they are not both powered.
it will use a VGA connection, but you should be ale to find cheap VGA monitors or cheap adapters.
RAID controllerfor those drives? how many processors and cores? how much RAM? what OS are you planning on running on it? iDRAC included? (if so, likely idrac6, but still usable)
this hardware is very well supported by linux - I have used these older servers extensively. your boss was right to be excited for you. its a great exploration platform that you will be able to do lots of things with.
fire up a live linux distro and get detailed specs on the box - that will guide what you can play with right away.
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