In Mercurial/Hg it is possible to make a copy of an external repository to your local server, and use this (local) repository as a subrepo in your project.
Using this method your project does not rely on external repositories, which can be down/moved/deleted/... , just on your local server.
I know the local copy must be updated manually, for Mercurial this was done using the server setting pages (as far as I can remember).
Is this also possible for Git?