Multiple Apps on Single SQL Server?

Question for the SQL experts.
We are installing new 2 - BL20p 3.6Xeon 1 - BL40p 3.0Xeon servers and
I wanted to know others opinions as to how to configure the SQL
databases.
Here are the applications that we will be loading. Sharepoint Portal
(125 users), Project Server (50 users) and SQL 2000.
The usage on these apps will not be heavy so can I consolidate all
databases to 1 server without any negative performance? Or should I
install SQL on BL40p and Sharepoint Portal and Project on another
server?
I am fairly new at SQL and I wanted to try and consolidate if possible.
Will a single instance be fine for all 3 apps?
Your thoughts?? I got confused by your question.
Yes, you can consolidate all databases (at least those you mentioned)
to one MSSQL backend (whether you like to set it as one instance or
multiple instances).
No, it is better to have a dedicated server as a sorely Database Server
(MSSQL in this case), which separate from the application server(s).
It will be better to have Portal and Project install on its own server
as a application server but the databases stores in a separate
dedicated MSSQL Server.
Hope it helps.
Mel