Yes. You can use a freeware tool called Disk2VHD which can also create VHDX files which essentially creates a backup of a Disk and makes a VHDX file. Do note, Given that Windows Server 2008 doesn't support VHDX files, you cannot actually test the file on that system.
But move it to a Windows 2012, Windows 8 or later and you can test it there using Disk Management.
Also, if you have a Windows Server 2012 or later running Hyper-V to virtualize your Windows Server 2008, you can of course mount that VHDX and use it like that in the Windows Server 2008. In fact, if you make a VHDX of the entire install, that can be mounted and booted from through Hyper-V.