I have 2 different servers and one domain name. Can I use 2 different sub domains to point to the two servers? Is it possible?
Yes. This would all be controlled through DNS.
You can set up, for example, www.example.com to 203.0.113.2 and home.example.com to 203.0.113.3.
You could theoretically go turtles all the way down and make subdomains of your subdomains. The address www.chicago.illinois.us.example.com is perfectly valid, though cumbersome.
(edited to conform to RFC 5737 for IP address examples)