Well, maybe not the whole thing, but you will be able to serve static HTML, Classic ASP, JSP, PHP, and ColdFusion from a Server Core server. This is a really cool thing and I think it's a great application for the Server Core. It seems to me a more reasonable version of Windows than the Web edition.
This was announced today at TechEd. I am kicking myself that I am not there right now, but I am getting as much information as I can from here.