I'm not sure how would one go about wiping and reinstalling Ubuntu remotely, but you could try the following to upgrade remotely, without
Download the "Alternate CD" for 12.04.3 LTS server edition using:
Mount it to
sudo mount -o loop ubuntu-12.04.3-alternate-amd64.iso /media/cdrom
Run the following command to start the upgrade:
Or, if you're not root:
gksu "sh '/media/cdrom/cdromupgrade'"
Note 1: I don't know if it's possible to directly upgrade from 10.10 to 12.04. I think you'll need to go through the releases in between, one by one.
Note 2: I haven't tried the above steps before, so I'm not sure if it will work. But according to this: PreciseUpgrade, it should. The steps there indicate to mount the
.iso file to "the exact name of the CD", but I'm not sure what the exact name of the CD is on 10.10.