Server and a firewall?
 

I was thinking of creating a server on a seperate, but slower, comp. Thinking about it, doing it on my normal comp (with most of my term papers saved on it) would reduce hassle on switching between comps. But common sense tells me that running a public server on my comp would be a huge VACANCY sign to every hacker out there.

Would i be able to run this server and still be able to maintain security?

Sure, I have my firewall running when I run my server... You just need to not filter the ports you are going to be using ...