Use Old iMac as Monitor Only?

I have an ancient iMac which just died, but the monitor looks ok. The hard drive emits a clicking sound - I am sure indicating it is kaput. Wondering if I can pair it with a mac mini - using it as a monitor only. If this is possible, then how will it work? How can I set it up so turning on the iMac does not boot the dead disk ?

thx ..

 

I can do that - I have a spare 1Tb drive lying around. However, will the hardware specs support Mountain Lion? This is the older iMacs (creamy white ones)