Those machines will be fine. Clustering doesn't have any hardware requirements really. As long as the machine will support SQL Server you should be fine.
Clusters have two or more nodes. In your case you have have two nodes. Nodes are simply the physical servers.
There are two types of clusters active/active and active/passive.
In active/active there are two or more SQL Instances running on the cluster with one or more instances on each node. In active/passive there are one or more insances running on the cluster with all instances on a single node where the second node is sitting there passive as a backup.
The licensing for a cluster can get tricky. The basics are:
If you are using an Active/Active cluster you need one Windows licenses for each node.
If you are using an Active/Passive cluster are you have software assurance you only need one Windows license.
If you are using an Active/Passive cluster and you do not have software assurance you will need one Windows license for each node.
For the SQL licensing:
If you are running an Active/Passive cluster and you have a SQL 2005 license you do not need a SQL 2000 license. You can install the second instance under your downgrade rights.
If you are running an Active/Active cluster you will need to have the correct licenses to cover the services on each node. In your case with two intances, if you ran Active/Active you would need either two SQL 2005 licenses (using the downgrade rights which come with them to install SQL 2000 for one instance) and the second license for the SQL 2005 instance.
Here is an FAQ on SQL Server licensing faq962-5153.
Denny
MCSA (2003) / MCDBA (SQL 2000)
MCTS (SQL 2005 / Microsoft Windows SharePoint Services 3.0: Configuration / Microsoft Office SharePoint Server 2007: Configuration)
MCITP Database Administrator (SQL 2005) / Database Developer (SQL 2005)
--Anything is possible. All it takes is a little research. (Me)