1) Is there a way to extend the period of living outside without losing the PR condition?
No.
2) Is it better to apply all over again once we reach end of October 2011?.
Immigration did not fit you with a GPS tracker so you do not instantly lose your PR once you have been outside Canada for 3 years. Instead, you would have to officially relinquish your PR before you can apply again. If you are serious about moving back to Canada, contact the Canadian embassy where you live and apply for a TRV for your daughter to accompany you so you can sponsor her from inside. If they refuse, apply for a TRP. Some people have gotten them for their kids needing to be sponsored.
If you get it, go to Canada with your daughter and sponsor her. If you don't get it, one of you must go to Canada first and sponsor the child. This may take several months. In the meantime, the other parent will not be meeting the residency requirements any more, however, when they arrive in Canada with a still valid PR card, immigration will always let you in but they can decide to report you for not meeting the residency requirements. If they do, you can appeal it.
If you find yourself in Canada with a valid PR card and not meeting the residency requirements, nothing will really happen to you. You can just go about your life, business as usual. When the PR card expires, nothing will really happen either. Therefore, it is advised not to try to renew your PR card if you don't meet the residency requirements but rather wait until you do.