memcached is standalone, no one server knows about any other server, so at a simple level, no. It also can't go out and fetch data from else where, it's either got the data or it hasn't.

You could write a more complex cacheing layer on top of memcached that looked first in memcached, then fetched from solid state storage if it wasn't there. That's kind of what we will be using it for by wrapping Rails around it.