When you say free , is there a specific version of ESXi (4 or 5) that I would have to download? If so, what/where is it?
Download the latest version of ESXi5 hypervisor
Let's say I place the ESXi 4 on this host, could I connect it to a vCenter Server (we have a license) and place it into a cluster? Or is this not possible with the free version?
Its is not possible to add Free ESXI version to vCenter, If you want to add to vCener then you need to purchase the license version of ESXi
3. Last question, is there a free version of vCenter Server for ESXi 5? Or is only the hypervisor free under these hardware restrictions?
Only free ESXi version is avilable not vCenter, and Free ESXi is limited to 32 GB
You could take a look at SMB license if you want utilize more RAM
http://www.vmware.com/products/datacenter-virtualization/vsphere/compare-kits.html