Should be ok, but be sure to align partition; this should happen automatically if you use Windows 7 to partition the Hardware RAID volume.
But consumer disks lack TLER, and hardware RAID needs TLER-disks, or bad sectors would cause disks to become failed altogether; dropped from the RAID array.
To use hardware RAID safely, your disks should have TLER capability, so that on bad sectors the disks would give up immediately, and let the Hardware RAID controller fix the damage instead.
I wouldn't consider a RAID5 in this kind of situation too reliable; you should have a full backup of your data; relying on RAID5 alone might be too dangerous, because the RAID5 can break easily due to you using consumer drives. If you have one full drive failure and you are rebuilding, bit-error-rate or BER may cause the rebuild to fail and basically you're in trouble at that stage.
More reliable would be advanced software RAID, but you can also consider using two arrays where one is a real full backup of the first. Preferably this should be in another system on another controller using another filesystem.
Normally, you should only use TLER-capable RAID edition harddrives for Hardware RAID. Software RAID under Linux/BSD (basically all non-Windows OS) support RAID on non-TLER-capable disks just fine, however. So you only need TLER for Windows onboard RAID and ALL hardware RAID.