Can I use my New Imac as a server and a workstation/client at the same time ?

I havea  brand new (2 months Old) Imac - 4 Gig, fully loaded and want to use it as a server using lion server app.  I want to use it for ical server, Addressbook and fileshareing with a bit more security.  I dont want to buy a new computer, just use the existing one to do these services.  At the same time, I want to still use this computer for my regular work. 
There will be a few users with low traffic.  At the beggining, there will be only 1 other user for the calander, addressbook and file server.  Later it might grow to 4.
Any thoughts would be appreciated !!!
PS - Any advice on how to set this up or tricks would be appreciated
Thanks Again

Arik From Tel Aviv wrote:
great Idea !!  Lets assume I dont want to go virtual - what is your thought on that ?
Lion Server is a "layer" on top of client. The services run in the background and do consume resources like the RAM, CPU, and HD, while you're using the computer as a client. That said, when running a VM with say VMWare Fusion you dedicate Cores and RAM to VM, even if the VM doesn't need all the CPU horsepower or RAM for your server tasks. So it may be that running a full blown Lion Server as VM along side client is more resource intensive on your computer than just running Lion Server while also using it as a workstation.

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