YES, we can create SQL Server Roles in SQL Server (2011) Denali onwards. Starting from SQL Server Denali you can create user-defined server roles and add server-level permissions to the user-defined server roles. We can not create user defined roles in any prior release which includes (SQL Server 2008 R2, SQL Server 2008, 2005,2000,7.0).
How to create User defined Server Role in SQL Server ?
I have already posted an article on this, check this out.