WaitServ is a small program that will 'ping' a given server until it responds. It can then monitor the server for connection loss, and log any server up/down time in standard text files.
Keep several monitors running in your system tray and get a visual display of server status. You can also trigger audio events, and launch external applications when a server link goes up/down.

The license of this software is Freeware, you can free download and free use this server monitoring software.