Hello!
Sounds like a pretty decent server you got there. I suggest way more ram though (2gb minimum), but 512 will work fine for low traffic (just be sure to give yourself a lot of swap room (swap = 2x ram).
Also about CentOS, it's crap*. I suggest using Debian Etch for your server as it has rock solid security and is one of the most stable distros around! At my last job we install CentOS on the clients' servers that didnt give a crap about the distro because it is simple and fast to install, but for the larger clients we always use either BSD or Debian for the stability.
*Note: This is a personal opinion. Not to be taken rudely.
__________________
-Billy
"I am using Linux every day to up my productivity - so up yours!"
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