This depends a bit on the workload you're having today and the number of users you're going to serve.
A single DL360G5 will give you much better performance than your 6 old P3's in a virtual environment if you have a fast enough disk system in your new server. Even though you could run it on a single server it could be wise to have two servers in case of a hw failure.
You can surely run this on the freely available ESXi or on the freely available XenServer Express. Note however that XenServer Express is l
imited to 4GB per host and 4 VMs per host, unlike
ESXi that is
limited to 256GB ram and 128 VMs.
While XenServer requires a VT / AMD-V capable server, ESXi is also possible to install on an older server if you have a disk controller and nic that is supported.
If you need more features beyond what's available in the
free editions you can easily add licenses to enable
more features later.
Both of these products will easily be able to fulfill your needs, but the key to your success is that you order a BBWC for you disk controller and use as many disks as possible. Many small 15k rpm SAS disks will give you the best performance, especially in a RAID 10 configuration. RAID5 is not really recommended on database volumes such as SQL and Exchange.
I did some performance testing of both XenServer and ESX on HP DL360G5 servers
here and they show very similar performance.
Good luck!
Lars