I have two subdomain pointing out to a rackspace server IP address. Would it be possible to create a new subdomain that points to another IP address? If yes, how can I do this via go daddy?
Where is your DNS hosted at? Are the current subdomains setup in the Go Daddy DNS Manager?
If you're using Go Daddy to host your DNS (e.g. the nameservers for your domain are set to the Go Daddy nameservers), then you can go into the Go Daddy DNS Manager and add another A record for your subdomain.
If you're not currently using the Go Daddy DNS Manager for your existing subdomains, please give some more details on where your DNS records are managed.