I plan on having an unmeatered VPS at about 40MBPS, about 30GB HDD.

But will 1 core and 512 ram with 1GB vram be good?

Planning on using http://rethinkvps.com/vpshosting.php

Planning on hosting about 60 videos at a time, maybe 3-5 viewing concurrently would I be okay?Why would you post this in the linux forum? I'll move it, but please PAY attention. Thank you.I plan on hosting it on Centos? I thought people whom use linux and have experience with servers could help OUTIT is not clear if you are doing SOMETHING in your home or at a business location.
Why not just rent the service you need? Is this a long term project?

Do you have any equipment you can use for a test?
Is this for use in a Local Ara Network?
Is this for use in a school?
Is this for video streaming over the internet?

Some 50 full length videos would be about 50 GB of disk SPACE. An 80 GB drive should be enough for the job. I suppose you are using AVI format or MP4.

Memory: Yes, 512 MB might work, but better  to go with 2 GB.
A single core Pentium or Celeron CPU over 1 GHZ can stream about 4 feeds at once over a Ethernet connection.
How do you plan on streaming the video?  A 512mb VPS will certainly go a long way and that connection should be fast enough.

The other benefit with being on a VPS is that you can easily scale up to one of the HIGHER RAM/more core packages without having to reinstall your OS.etc.