I'll preface this by saying I haven't managed any servers with any real load on them. My personal server is just an old acer aspire one netbook with a cracked screen with pretty much the worst possible hardware configuration (512mb ram + 8gb first gen ssd). The extent of my experience is from building dozens of computers for friends, family, and my old highschool (oh, also, I'll be graduating this year as a computer engineer).
It's going to depend on what you want to use the server for. Will it be used exclusively to host an eqemu server? Are you going to host a website on it as well? Use it as a fileserver? What operating system do you plan on running on it?
If it's going to be exclusively for eqemu, that much space is overkill. Like I said above, my server's only got 8gb of space, with ubuntu server 8.10, all the maps/db/source and compiled as well as hosting my (pretty small) blog, I still have ~14% remaining.
A graphics card shouldn't improve performance unless you want to run a display on the server as well. No idea about the NIC.
You also might consider dropping the dvd-rom and installing anything you need from a u3 usb drive or the internet (once you get your OS on), and spending a bit more and getting a UPS for it.
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