Current Media Server Studio supports Xeon E5 v3 and v4 system. For details refer to system requirement section of release notes. With Xeon E5 Server you can use software codec available in Media SDK as mentioned in the release note.
Also, to clarify Xeon E5 Server doesn't have integrated graphics card due to which one will not be able to use hardware acceleration provided through Media SDK unless added a PCI card like Intel VCA or Artesyn SharpStreamer.
Hope it helps.