Yes all that I believe is possible, the only thing I haven't done is put Windows 7 on mine (I run Server 2008 R2) but I can't imagine there being an issue with 7, I'm sure I have read about others using them as you intend to.
I've got two of them (N40L & N54L) but I'm thinking of selling the N40L and going for a G8.
Any links to a set of 8GB RAM?
I have a 60gb ssd going spare in my cupboard .. will windows 7 fit on it?
It may be useful to others, I found you can actually buy genuine HP SSD adapters for the drive bays off eBay (from China) got a couple here.