Set-up Assistance - CPU, SERVER, BitCoins/LiteCoins

I have continued my quest for knowledge. I have decided to work with Bitcoins and Litecoins. I am leaning towards Litecoins because from my understanding ASIC systems are mopping up the Bitcoins. I still struggle with systems/cpu/power/hash/etc. Because of this I am listing out what I want to do:

1. Set-up a CPU dedicated for mining (Bitcoins and Litecoins). Any suggested hardware and mining software? I am planning on running a linux OS.

2. I own a bank of dedicated servers. I have one server sitting idle. Can I create a Pool? If so, help? I am willing to negotiate some $$$ for assistance.

3. Namecoins confuse the hell out of me. Bitcoins seem tough to mine with ASIC's in the game. Litecoins are so so. Can anyone suggest another cryptcoin that is just emerging (might be high risk but high payout)?

Thanks in advance,
J