Can Windows 7 Professional be used to setup a server?

I am running Windows 7 64 bit on my computer. The PC is quite good with a 4 TB hard drive, 16 GB RAM and an i7 Quad Core processor by Intel. I am looking to setup a server in a laboratory of about 20 computers. Can I use my current computer with the current Operating System to setup a server for the lab? Do you recommend buying the server edition of windows to setup a server? Or will the current PC do my job?
