First of all you will need to request the Minimum Technical Requirements for B733 SP14.1 to see if you can upgrade to WIN 2000. If you can upgrade it should run a bit faster but it will run much faster when combined with SQL 2000. You are quite behind in version and SP which is no longer fully supported. I suggest that you apply the SP or move to XE and above (double upgrade), upgrade the OS and SQL 2000. In order to do this successfully it will be much easier to do this in a lab with servers named the same. If you do not have a lab then use new servers with different names (changing names of servers requires a bunch of adjustments). The idea of using different servers is to avoid upgrading production machines and potentially causing a big problem. By using separate machines you would do a DR recovery process then apply all the upgrades (I have created my own procedure on DR for B7332, let me know if you would like a copy). Note that Peoplesoft's Minimum Technical Requirement vary from each level of software so things like OS, SQL and MDAC and SP levels are important.
We went from B7332 SP21, NT 4 SP6a, SQL 7 SP3 to B8.9SP2, WIN\SQL 2000 and introduced web client. There was a middle upgrade to ERP 8.0 during this process. This was a rush project that took 6 months from planning to implementation. We also kept the old servers offline for a couple of weeks after the upgrade just in case.
Please note that Peoplesoft are not responsible with your DR recovery though they will help if needed.
The fact that you asked the question of OS upgrade tells me that you will need the help of a CNC to complete the task. Also DBA skills will be needed for SQL recovery.
Good luck!
