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I have a web / ftp server running on an old Gateway PIII machine with 640MB RAM. Your really don't need to go overboard unless you expect a ) a lot of traffic and b ) a lot of simultaneous traffic.
The processor speed will help if you have a site that does a lot of small scripts or PHP stuff, but again if not a lot of people will be on at once, it doesn't matter much.
RAM is pretty much the same. One person on the server... low RAM usage. 100 people on the server... more RAM usage.
Don't even worry about the graphics card, as it will do you no good (no bad, but no good) for your server.
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