As a rule of thumb, I normally suggest the number of CPU's minus 1 for Windows servers, on UNIX & AS/400 you have more control. On my AS/400 I allow 20 UBE's on my 4-way.
I tested this a few years ago on a Pentium Pro 500 4-way on Windows NT4.0. I can't remember how much memory was in the machine.
I found that we could run three jobs per processor without killing the machine. When we ran four per processor the processors hit 100% and the jobs slowed right down.