I am thinking of setting a server in Amazon AWS for this purpose too. Once I completed the low traffic/CPU utilization projects, I move it to AWS, reserved instance are cheap for 3 years and domains is only like $8 per year. Very affordable.
Wow - I had never done the math before but a reserved micro instance works out to $7.39 a month (not counting future price decreases) for 3 years. That's a great idea, thanks!