Processor is 32-bit, so Hyper-V will not be an option (Hyper-V can only be installed (for hosting VM's). You can install the Hyper-V role on 2008x86, but it will ONLY give you the management console for connecting to and managing other Hyper-V servers (no hosting/guests).
ark.intel.com/.../27459,31732,30763,30764
I can't guarantee that these processors below will work, because they have a larger L2 cache that the PE800 specs state are supported, but they "may" work:
The processors in the list above 1) are 64-bit (allowing you to install Hyper-V and host 32-bit VM's), and 2) support VT (required for 64-bit VM's). Since they are the only two, and exceed Dell's specs on L2 cache, they may not work (but they may). If not, your only option is to sacrifice VT (meaning only 32-bit VM's):
Even if the processor does support VT, the system BIOS may not have an option/way to enable it, and it may or may not be on by default.
Obviously, this system was never designed to be used for virtual machines, and even a low-end desktop might be a better choice, but if you choose to go for it, then good luck.