That is going to depend on what model of Xeon CPU is in it. If the CPU has support for Intel-VT then you should be able to run Hyper-V. If the CPU does not then it will not install. You should be able to get into the BIOS and see if there is an option for Intel-VT (sometimes called hardware-assisted virtualization, or something similar).
Actually, I just remembered that you need a CPU that supports the XD bit as well (eXecute Diable).
I also just found some docs on the PE2600. It references NetBurst features (old Pentium 4 architecture) and DDR-2100. I don't recally any of the old NetBurst CPUs having virtualization support. To my recollection it didn't come around until Conroe/Woodcrest (also known as the "Core" series). Though I can't shake the notion that some of the old Pentium D CPUs (last of the NetBurst architecture) supported it, since you have a Xeon that's probably moot.
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