Uncle Sid, Unfortunately you wouldn't be able to do that as the host. The driver needed for the OS is prior to the new generation servers. What you can do though is to install ESXi 5.1 or another Virtual Machine (VM) based OS on the host and then you should be able to do the Ubuntu install on a VM without issues. Let me know how it goes.
We recently purchased a PE R320 server with PERC H710 Raid controller to use as a BigBlueButton server (www.bigbluebutton.org) BigBlueButton only supports installation on Ubuntu 10.04, with plans to support Ubuntu 12.04 in a future version (perhaps a year off).   Ubuntu 12.04 installs on the PE R320, as both the NIC and PERC Raid controllers are in this distribution, but I can't use the server as intended with this newer/semi-current version. Does anyone have any experience or suggestions for installing Ubuntu 10.04 on the PE R320?  I'm running BigBlueButton on an old Dell desktop on a temporary basis, but would like to take advantage of the greater CPU power and memory in the server.   Thanks in advance for any thoughts.
Installing Ubuntu 10.04 on PE R320 with PERC H710 Raid Controller 
(BigBlueButton)