IBM sold that as BladeCenter QS series. Reportendly there even was an prototype version that had essentially same hardware as PS3 including the optical drive (production ones are dual-CPU without GPU and optical drive).
FWIW, early designs for the PS3 also were missing the GPU in lieu of another Cell chip. The end of Dennard scaling meant that they didn't hit the clock speed they originally intended (close to 5Ghz). It was originally supposed to do rasterization in software on that second cell, but relatively in the last minute they needed to strap a dedicated GPU to it. That's why Cell reads out of VRAM are incredibly slow, around 16MB/s.
While true, Its important to note that the second Cell wasn't gonna be the same type as the main CPU cell. The cell they intended to use as the GPU would have only 4SPEs(vs 7 in the main Cell)along with various rasterization components. Would have been cool. Settling on the Cell was compromise after compromise.