No, it's not a server. it's an actual system.
Processor - AMD Athlon 1200MHz w/Performance Enhancing Cache Memory
Memory - 128MB SDRAM
Hard Drive - 40GB 7200RPM Ultra ATA Hard Drive (+US$ 50)
Monitor - VX920 19 Mitsubishi Diamondtron¿Color Monitor (18.0 viewable area) (+US$ 230)
Audio/Video - 64MB DDR ATI Radeon VE with TV-Out and DVI, SoundBlaster Live! and 10/100 Ethernet card
DVD - 16x DVDROM
Speakers - Boston Acoustics BA735 Digital Speakers with Subwoofer
Modem - Home Networking/56K Modem Combo Card
Case - gateway Mid-Tower Case
Keyboard - Multi-Function Keyboard
Mouse - PS/2 Wheel Mouse
Expansion slots - Three PCI and One 4X AGP
Printers - Epson Stylus 880 Color InkJet Printer with USB cable (+US$ 70)
Digital Cameras - JamCam 3.0 Digital Camera
Operating System - MS Windows Millennium Edition w/Win XP Home Upgrade Coupon (+US$ 15)
Application Software - Microsoft® Works Suite 2001 - Including Microsoft® Word and Encarta
Bundled Software - Norton Anti-Virus
Included Software - Creativity 101 Bundle
Network Card - 10/100 Ethernet Card
Service and Support - 3 Yr Ltd Warranty, 1 Yr Onsite Service, Ltd Hardware & Software Tech Support
Here's where I talked about it:
http://forums.anandtech.com/messageview.cfm?catid=38&threadid=471301&highlight_key=y&keyword1=gateway