Sure, you can mirror external drives, just like you can internal drives. Use Disk Utility.app to create it.
However, creating a mirror, in and of itself, won't do what you want.
Mirroring writes all changes to multiple disks at the same time to protect you against drive failure. This means that if a user deletes a file off the server's mirrored drives, it's deleted off both disks simultaneously. There's no automatic fallback.
To do what you want you need to take multiple snapshots of the files on the server and copy the data to the external drive. You can then pull it back off the old drive. There are a number of tools that will replicate the data, including the built-in
rsync.