Sorry for all of the posts. We started using the Problem Reporting module, and our management sees a lot of potential for this.
One thing that they are asking for is that when a problem ticket is generated and an application is selected, that there can be a monthly report that gets generated that shows the applications with accumulated downtime for the month. This factors into our performance deliverables for the year.
Maybe this can be accomplished by a custom field that you can check off if the application is down.
Also have a field that is fed from the asset management module that shows all applications (with the ability to include/exclude applications from the list).