VMWare Server 2.0 is non longer supported by VMWare but still available 'as is'.
Is it possible to run Windows Server 2012 standard on it?
The basic answer is no. Is it possible? Probably - Anything is usually possible with enough time and effort.
Is it worth the time and effort to get it working? No - and even if you could get it mostly working, I doubt it would work all that well.
If you're looking for a free workstation level virtualization solution, why not download the free VMWare Player and install windows 2012 there? If you have supported hardware, why not download the free version of ESXi and install 2012 there (or Hyper-V for that matter..)