I'm not too familiar with Exchange, but our Windows base build uses a mirror for the OS (2x18G or 2x36G depending on what's in your price range and such) and the rest is one big RAID 5 for data. If the Exchange logs cause a lot of disk activity it would probably be a good idea to seperate them too, so you would need at least 3 sets of physical drives. 1 for the OS mirror, 1 for the Exchange database and 1 for the Exchange logs. If you do RAID 5 for the 2 data volumes that means you need at least 8 disks.