In the long run, that server is just another computer to you.
Yes you can link all of your computers to it and build yourself a network with all of your important programs and storage on the server.
The question you would have to ask yourself is why?
First of all, I get the feeling that your goal is to reduce costs for all those internet connections and increase bandwidth. The server is not going to get any more bandwidth out of a 45Kb line so that won't help. The same thing can be accomplished using a $45 router.
You might try investigating the possibility of getting a T1 line installed and sharing the bandwidth and cost with some of your close neighbors. You would sort of be setting up a mini ISP using that server as a base.
You can also simulate double the speed of your internet connection with two modems on one computer and two lines with two accounts with the same ISP. Check with your ISP for how to set it up.
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