Yes, If I can remember I made the swap at least 2GB in preparation for upgrading to 1GB. I will soon have a backup SATA drive in the machine instead of remote FTP the backups to my apartment on my slow DSL.
I would have loved to go with a Debian based distro. I prefer apt over yum and several other features of Redhat distros. However, there are no stable versions of cPanel that I am aware of that run on Debian.
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