My AC database resides on a HP MediaSmart Server EX470 (AMD 1.8GHz 64-bit Sempron processor) which runs Windows Home Server version 1.1. I believe this type of server is considered Network Attached Storage (or is it?).
I do not think this is an NAS. Usually this is a separate devise that is literally a hard drive and hardware/firmware that will allow it to be connected and seen on a network.
I have test run V4 on WHS. WHS is a variant of server 2003. You may need to touch bases with AC central for better info, but I THINK it should work.