Clearly Acronis 10 Server would do the job but that seems overkill not to mention expensive. Just wondering why I couldn't use Acronis Home edition, boot the server up from a restore disc and take a full image to a USB drive. Acronis wouldn't care that it might not run under Server 2003 since I am not running the OS at all.
Then in the event of a failure, I would just replace the drive, boot the server up again from the Acronis rescue CD and restore the image I saved before.
I would lose all the facilities in Acronis 10 such as backup scheduling live backups, selective restore etc. but I don't need that.