ESXi and stand by server

Question,

               I want to setup ESXi on a server and have another one on standby if at all possible.  Here the issue if I have it in a cluster format Sybase charges us based on per processor.  The idea is to have servers (two servers) running two guest OS (Windows 2008) run off the server and have all the VMDK files sit on the SAN.  If the server is physically having an issue we change simple repoint the VMDK file onto the standby server and we should be good, no?

Not that it matter but I do have vCenter running (4.1).  Thank you for your input.