Need your advise for new Server setup

[robin]

Im planning to set up a new server.

I have a AMD barcelona quad core, 4 GB DDR2 REG ECC RAM and a 2x 500 GB raid, redundant powersupply, remote management module.

The main goal of the new server is to get a high availabilty sever. Normally this can be done by using several servers on different locations but i would like to do this with virtualization.

So my idea was to setup up the following virtual servers:
Webserver1
Webserver2
MySQL server1 Master
MySQL server2 Slave
Email server

The webservers wil be loadbalanced and monitored using heartbeatand ultra monkey for example. I will use external nameservers that will have an 99,99% availabilty.

For virtualization im thinking about OpenVZ since it has a verry good performance.

Is this a good way to implement a high availabilty server? Is it difficult to setup ISPCP with this configuration?

I only have this one server and i dont want to setup another physical server at a different location yet.

Please give any suggentions u have, or maybe you have experience using virtualization or using ispcp in this kind of configuration.