I have a storage server currently running windows 2003 server edition
I believe it has a:
Pentium 4 3 Ghz Processor
ATI Rage XL PCI Graphics Card
and an Intel Motherboard

Would it be possible to hackintosh this machine? and if yes which distro/installation method is required?

Thanks

It is possible to hackintosh that machine, I would reccommed an older version of OS X though, maybe JaS 10.4.11 or even a distribution of 10.5 depending on your RAM.
The ATi Rage card has no chance of QE/CI Acceleration or full resolution.

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My Specs
System: Custom Built
Mobo: ASRock Z68 Extreme4 Gen3
OS:Mac OS X MountainLion 10.8.2 & Windows 7 Ultimate x64
CPU: Intel Core i7 2600k @ 4.2GHz
Memory: 16GB DDR3 XMS3 1600MHz
Graphics Card: AMD Radeon HD 6870 1GB

Email/Gtalk:
[email protected]

Missing graphic accerlation should not matter for running a (file-)server, but you need to gather much more information about your hardware. For example if your P4 has no SSE3 support better forget about Snow Leopard, also check for your network devices to work, etc.

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Ok thanks a lot i will give a 10.5 distro a go and see if it works, if it is as easy as most forums make out i will then try and hackintosh my netbook