What all do you have on the current servers? Just data or other programs. If other ArcGIS programs, remember you will want to keep the versions in sync. If you are just creating a few services that will be used, not doing any heavy duty geoprocessing and/or a lot of caching on the server, I would think you would be find.....but check Jayanta's link for the version you are wanting to use and make sure the machine at least has the minimum requirements......more is better.
I our shop, we have data and ArcGIS Server and Desktop on one server. Desktop is on there for the convenience (we have concurrent licenses). We have had our IIS on the same machine, but currently have those separated (because of network changes)....so IIS can be on the same machine. We have a separate server for our MSSQL servers, but I think in theory you could also have them on the same.
Just remember the more you put on the machine, the more that could be impacted on reboots or during heavy processing. But if all that is ok.... ??? You can always test is out, and if it doesn't work think about a new machine at that time.
The scope of my work is small and honestly the only thing I am trying to do is generate links for data (Images and such) and inputting it into the spreadsheet.
I'm not sure exactly what you mean here. Are you planning on creating services to your data, and populating the spreadsheet for a data-inventory for you users?