I believe that if the server is down, there is nothing you can do.
The request will send up a 404 network error because when the web address is resolved to an IP, the IP that is being requested does not exist (because the server is down). If you can't change the DNS entry, then the client browser will continue to hit xxx.xxx.xxx.xxx and will never get a response.
If the server is up, but the website is down, you have options.
EDIT
Your edit mentions that you can make a permanent change the IP. But you would still need a two server setup in order to achieve what you are talking about. You can direct the DNS to a load balancer which would be able to direct the request to a server that is currently active. However, this still requires 100% uptime for the server that the DNS points to.
No matter what, if the server that the DNS is pointing to (which you must control, in order to redirect the traffic) is down, then all requests will receive a 404 network error.
EDIT Thanks to brian for pointing out my 404 error error.