Question about multiple slaves and Master loss.

Given the following scenario (pg 9.0):

Server A (Master), Server B (A's streaming replication Slave), Server C (A's streaming replication Slave)

If you lose Server A, is there anyway to promote Server B to master and keep Server C as B's slave without having to rebuild C from a backup of B? 

Basically, I'd like to be able to have 2 slaves running so that when the master goes down, we can bring one slave online, and still have the ability to very quickly recover if the new master where to fail before server A could be recovered.

Thanks,

Chris