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Windows Server 2008 and Windows Server 2008 R2, based on the Microsoft Vista codebase, is the last 32-bit server operating system released by Microsoft. It has a number of versions, including including Foundation, Standard, Enterprise, Datacenter, Web, HPC Server, Itanium and Storage; new features included server core installation and Hyper-V.
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Do you want the application to keep continuously running on the server? Normally to provide high availability to the application/server you need more than one Server. There are various options then you get.
From Microsoft - Fail over cluster management is the one, but here arranging shared store at home would be much costlier.
http://technet.microsoft.com/en-us/library/hh831579.aspx
From VMWare - You need to install two ESX Host and later then install one Windows Based Virtual Server on it which will be put in cluster on the two ESX Host which you have. This one is also tricky to configure at home.
http://www.vmware.com/in/products/vsphere/features/high-availability.html