What do you mean when you say "Server"?
If you mean serving the "Rack" with their file system, and setting up the Nodes with their work load, yes I'm sure it'll work.
Any version of Linux I believe is capable of serving diskless clients.
Unless it's a Workstation version?!? I don't know for sure, somebody else might chime in here and say.
Even if it is a "Workstation" version, I'm sure you could download and install everything that's needed.
If you are thinking of setting up Diskless boot over the network, and have no Linux experience, you're in for a steep learning curve.
If all you want is the "Rack" to get it's client blocks, and be able to flush/fetch it's buffers, then any OS (even Win95) that has a Dnet PProxy will work as the "Server".