Not sure which virtualization product you plan on using but if you use VMware Workstation or Server you could probably import the old server by creating an image of it using one of the import formats that they support. Workstation has built-in Import capabilities and you can also use the free Converter product to import an image into a VM. Use one of the below products that are supported source formats to create an image of it and then try importing it.
Acronis True Image Echo 9.1 and 9.5, and Acronis True Image 10 (Home product)
Symantec Backup Exec System Recovery (formerly LiveState Recovery) 6.5, 7.0, 8.0,
and 8.0, LiveState Recovery 3.0 and 6.0 (.sv2i, .v2i or .iv2i)
Norton Ghost version 9.0, 10.0, 11.0, 12.0, 13.0, and 14.0 (.gho)
StorageCraft ShadowProtect Desktop, Server, SBS, IT, and so on, all versions (.spf)
I’ve personally run some old operating systems (MS-DOS, Windows 3.1) on Workstation so it should probably run OK if you can import it.