Express Edition with Advanced Services is only good for reporting off of
local data. So the answer is no, it will not work for you.
Now, you can install the metadata/object cache databases on a report
database with standard edition if you don't want to install SQL Server DB on
the web server BUT you still have to have the Standard Edition (or some
other non-express edition) license.

Signature
Bruce Loehle-Conger
MVP SQL Server Reporting Services
>I am setting up a web that will be running only the SQL 2005 reporting
>services and would like to know since I have a data base server else where
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>
> Thanks,