If you get a hosting server of your own, it will run independently, so it'll have its own Operating System and you'll be able to later install server side apps directly or script-driven internet sites through a hosting Control Panel. Even though keeping the Os updated isn't always considered fundamental, it can be a very important task for a number of reasons. A newer OS version may have better support for certain hardware, so you might get better performance for the sites and web applications you install. Your server shall also be more secure because updates often include security patches which fix small problems which may enable unauthorized people to access your content. Last, but not least, more modern script versions, which are also released for both enhanced security and for additional features, might require a later version of the Operating System in order to work effectively and with their 100 % capabilities.