You
want a reliable hardware configuration, so you should select a base
machine and peripherals that aren't the newest thing on the
market. (There's a reason people call it "bleeding
edge" as well as "leading edge" technology.) You
also want the configuration to be supportable, so don't choose
something so old you can't find replacement parts for it. The
middle range from your favorite manufacturer is probably about right.
While a desktop-class machine probably has the horsepower you need,
you may be better off with something in server packaging; machines
packaged as servers are generally easier to exchange disks in, as
well as being more possible to mount in racks when you have lots of
them. They're also harder to steal, and less likely to get
turned off by people who need another outlet to plug the vacuum
cleaner into.
While you don't need sheer CPU power, you do need a machine
that keeps track of a number of connections simultaneously. This is
memory intensive, so you'll want a large amount of memory and
probably a large amount of swap space as well. Caching proxies also
need a large amount of free disk space to use for the caches.