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While you probably could sue them, I doubt that it would be worth the time or money.
First off you really would need to check their TOS and see what it states as far as downtime. I have noticed a lot of companies use language to avoid the possibility of being sued by a customer over things like down time.
If you find nothing "funny" in their TOS then you could get yourself an atty. However, be wary of the atty you chose. Try to find one with a healthy interest in the internet and with (hopefully) some knowledge of webmastering. While this might not sound like a big deal, in truth you would have to explain to a judge what happened and why it was bad in a way that he can understand. This is not always the easiest of things to do.
In the end you are going to be spending large amounts of money over even longer amounts of time. A civil case like this can take over a year to be heard in a court room. I would suggest that you find a new hosting company for your sites and just let this situation go.
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