That was then. The new servers are still going to be specialized but they will be enhanced by virtualization software. It works like this: take a server and soup it up so that it has 8 or 16 or 24 gig of RAM, and 64-bit quad-4 processors; add multiple hard drives. Now add all of the servers software already mentioned, finance, engineering, human resources, database, and so on. Put them in their own memory space and let them perform their software operations. Finally connect the server to the network, and connect the clients to the network.
The memory space is called a virtual machine. It is a computer inside a computer.
The next generation of servers will perform multiple functions. In the Microsoft World, the existence of virtual machines already exists as 32 or 64 bit VHD (virtual hard drive). The VHD can be used to create a VM (the virtual machine).
But the next generation of virtualization is hyper-V.

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Running on Microsoft Server 2008, hyper-V is a virtualization process that will create child partitions. The child partitions will have access to the software, and the virtual processor, not the real processor. In this way multiple partitions have their own memory space and do not interfere with other applications or invade the foreign partition.
Image Credit: Soumyasch