That will work. Put an operating system on it and share some drives. It depends on your intended use whether or not it will be fast enough for you. It is certainly fast enough to be a file server.
If you're connecting it to the internet, make sure you get all the latest patches for your OS and turn off unnessecary servers (ie: webserver/ftp/etc). Stuff like that is an invitation to get hacked if you're not using it.
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