Official Answer: No, none of the intel desktop boards support server operating system.
But you may try to install the audio driver manually from device manager.
Check on Realtek website if they have any generic driver for windows 2003.
All the best,
The Audio Chip on this board is from IDT (used to be called Sigmatel) and its different to Realtek so it's better just to rely on the Intel provided driver. If that's not working, have you tried enabling the audio service for your Server Operating System? The last time I dabbled with a Server OS on a board with 'desktop' features and peripherals, I found that many of the services required had been disabled in services as most servers don't utilise them and want the increased reliability and performance that goes with not needing to run these services/features. I'm pretty sure that is where the problem will be.
If you are new to dowloading drivers it is likely that you downloaded the wrong one since the menu resets after each download (when you repeatedly press the back arrow). Otherwise you say you are using the CD, which is seldom a good idea since this is for the desperate w/o internet connections. Many are able to use Server with these boards depending on what you do.