It is possible. Assuming that the internal server is a TELNET server, you can have following commands in with:
public-ip(for incoming traffic)
private-ip(internal server ip)
static (inside,outside) tcp public-ip 23 private-ip 23
nat (inside) 1 0 0
global (outside) 1 interface
clear xlate
With above commands in, assuming you have correct ACLs in place, all inbound TELNET traffic to public-ip will be directed to private-ip, however, when server itself needs to initiate outbound connection, it will use the IP address on the outside interface IP.
Hope that helps.
Regards,
Vibhor.