yes. I t runs emacs nicely, although the startup time can be a tad bit long (20-30sec in my case), depending on your
One of my two rpis (both are ~old~ ones with only 256MB RAM) is running apache, mysql, dovecot, postfix and bitlbee. It also has weechat (connected to bitlbee and 4 channels on #freenode) and mutt running 24/7. Additionally roundcubemail is installed. Again, depending on the amount of mails to sort and show, RCmail can be a bit slow. This is the rpi I use emacs the most on, mostly to edit config files, write mails and code a bit on side projects when bored at work.
The trick is to change the memory allocation depending on your useage. In the case of this mail server I set the mem to 240/16 as it is headless.(16MB for the GPU is apparently the absolute minimum you can allocate).
"i played the lite minecraft for 5 mins on my ipad, and I was really really dumb. i just dug a hole for 5 mins, but never got to the bottom. then i couldnt get out."
There.. fixed for you.
"I am, therefore I am." -- Akira