u can use microsoft clustering...if not...
u can count on vmware fault tolerance for application high availability as it ensures zero downtime.,
If you have some sort of load balancer in front of it and the webservers would be aware of it and share a common database / app server, yeah why not. But that is really application architecture rather than VMware HA or FT.
Available now on Amazon: vSphere 4.1 HA and DRS technical deepdive