Server specs for CF 7 site

A web site that I manage has been running on a host's shared server, and has always performed well.

We are considering moving to a dedicated server, and I need to guage if the server that we're looking
at will support our site.

Specs for the server are as follows:
CF 7 MX & Win2k3 Server...will also run IIS 6 and a few IIS utilities
3.06 PR Pentium Processor (single processor)
1GB RAM
120 GB Hard Drvie

For the last year we have recorded 1.7 million page views & about 90 GB bandwidth
per month, though a lot of this is from hotlinking. Our pages are almost all dynamically
built. SQL server databases would be hosted on a separate shared server.

We optimistically anticipate 50% growth in the next 12 months, though that would be
pretty liberal.

Never worked with a dedicated server before, so I'm not sure if this machine will be up to the task.

Any guidance?

Thanks!