The PXE server does come with a pre-configured OS therefor you will not need to install any OS.

We do have a lightweight product and therfor there is no need for any high-end hardware

However, a i3 machine or newer would be better. 

IN case you would like to consume the licenses from the cloud (advised method) you need 2 ethernet ports. 

Please contact support@global-emea.com in case you have any questions regarding the setup.