set the default event logs path to network location ( server 2008 & 2003)

Hi,we  have mixed environment of server 2003 & 2008 R2 , and there is requirement to save the event logs to network location ( because of storage space issue).so ,Is it possible to  set the  default event logs path to network location and what if the network conectivitty lost? the server log the event logs locally or the server will reboot continously?

appreciate response on this

Thanks

Bibin