Yes it is, we use these ourselves. Make sure to measure the servers power usage under different scenarios though i.e. at boot, at idle and at full load!
Just incase anyone is thinking about buying one, those will only measure around a live cable only. You will need a multicore one to go around a "normal" power cable: http://www.screwfix.com/prods/29485/...al-Clamp-Meter
Though the plug in ones seem to be alot more accurate than the clamps.
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We've found those cheap maplins plug in meters to be much more accurate than expensive clamp meters
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