The only workaround is to upgrade the server.
TFS2012 server requirements are at: http://msdn.microsoft.com/en-us/library/vstudio/dd578592(v=vs.110).aspx
Basically, it requires IIS 7 (or later). Which you can't install on a 2003 server. It comes with 2008. Even then, it has to be the 64 bit version of windows.
If you are upgrading I'd recommend a minimum of 2008 R2; that only comes in a 64 bit flavor.