I think you mean a dedicated server for hosting proxies, right ? Do you have a budget ? CPU/RAM requirements ? HDD & Bandwidth ? Control Panel ? Server Management ? Ishan
I'd highly recommend WDServers and I've also set up a dedicated server comparison for proxy owners at ProxyHost.org.
get a cheap web hosting account with cgi and install cgi proxy script from http://www.jmarshall.com/tools/cgiproxy/