Here's a small article about using an old PC and Ubuntu as basis for hosting a simple home page, which leads to three other components – a wiki, a blog, and a content distribution system.
Read it here
My server (this information is listed in the GPS.TechnicalInformation page on my web site wiki), uses a Celeron 700 mHz processor with 384 MB RAM (told ya' I like recycling), connected to a shared 512 kbps line (64 kBps, of which about 25% is overhead and losses). While this would be an acceptable pipeline were it always free, performance can be downright sluggish when any bandwidth intensive activity takes place. In other words, if you have a real site, use a data center with decent pipes and decent equipment, not 1990's technology and analog-grade pipeline, like me.