If there aren't many people you could just host it yourself on your PC and have people connect. As for building an actual server it depends on your budget like WoodenMarker said
As Scia said a Linux live CD would be your best option. Boot into a copy of Ubuntu or any other popular distro and use disk utility to format the drive. (Make sure it's ejected first)
Here is a review I made on my Korean monitor if anyone is interested:
http://blog.thatdamnhacker.com/post/47949717965/qx2710-evolution-ll-2560x1440-korean-monitor-review
1080P is alright at that size if you sit further back. I'd recommend a 2560x1440 IPS Korean monitor from eBay though. I got this one myself (http://goo.gl/eJNOu) and it's incredible.