Database protection - restore to the point of failure

Is it possible to do something like that (taken from Oracle world):

I have two phisical disc (diskA and diskB). I would like to put:
- database data files on diskA,
- database WAL on diskA and diskB (dual logging),
- database archive logs on diskA and diskB.

With this kind of configuration, I could restore data in database to the
point of any hard disk failure (assuming regular backups of database are
beening done). Actually, if diskA fails, the procedure bellow should be
done, if diskB fails, database should continue to operate normaly.

So the recovery procedure would be something like this:
- restore database,
- apply archive logs,
- apply WAL,
- open/start database.

Is this possible in PostgreSQL? Are there any other ways to achive same
level of protection with PostgreSQL?

WWeneto
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wweneto(at)fastmail(dot)fm

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