Hi
Yes you can do this with PBR (Policy Based Routing).
Lets say the application is on a server with address 172.16.5.1
And the address for the other end of the leased line is 192.168.2.2
access-list 101 permit ip any host 172.16.5.1
route-map app permit 10
match access-list 101
set ip next-hop 192.168.2.2
route-map app permit 20
set ip next-hop "adsl internet next hop IP"
int fa0/0
ip policy route-map app
where fa0/0 is the interface that connects to your LAN.
HTH
Jon