Virtualization for hardware resiliency?

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http://serverfault.com – Can anyone tell me if it is possible to pool several physical servers to run a resilient virtualization environment. Our server are getting more and more critical to our clients and we want to do everything we can to improve resiliency in the event of a hardware failure. I have used desktop VMs but I am not familiar with what is possible in enterprise level VMs. The ideal would be to have a few physical servers in our datacenter. A few VMs would be shared among these to run a web server, application server, and database server. If one physical server failed, the VMs should switch to one of th (HowTos)