Well, there are three kinds of raid, but I think the IDE raid on kt7 can only do two of them, raid-0 and raid-1. For both cases, you need to have at least two HDD perferrably with exactly same specification. If not, the raid will perform at the slower/smaller level of the drive you have. For example, if you raid a 20 Gig and 10 Gig, the effect will be the same as raiding 10 Gig and 10 Gig.
Raid-0 basically divide up your data and put it in different drives. Since your pc will be able to access data at the same time, the data access speed increase because of the raid. But if data is corrupted in one of your drive, the data for the whole setup will be bad, so the reliability of your system will be reduced. So this setup increase your HDD performance significantly at the expense of reliability.
Raid-1 or commonly called Mirror basically copy's data on one drive to the other, so if you have 2 20Gig HDD doing Raid-1, you will end up with only 20 Gig of space. You don't really get any performance boost, but you get data protection. A lot of server do raid-1 for that reason.
So basically to do raid with your Mobo, you only need to get 2 or more HDD with same spec. since this is an IDE raid, you will still need SCSI controller card to run any SCSI devices. So if you wanna run SCSI CD rom, get the CDrom and controller. After you have controller, you can run up to 7 (or 15 depending on what controller you have) SCSI devices in your PC.