Raid is pretty much putting 2+ hard drives together to form 1 whole partition. So, instead of having something like a C, D, and E hard drive, it can all be formed to become just C. There are various kinds of raid too...
JBOD = spanning the array, just adding them together, can work for various sizes.
Raid 0 = Having 2 of the same size drives together, apparently gives a performance increase, while decreasing the lifespan of your array. If one HD fails, the array fails.
Raid 1 = Redundancy, copies the same data over all of the hard drives in the array, needs the same size hard drive like 0.
Raid 0+1 = Requires 4 drives, creates 2 separate arrays, but the information is copied over both arrays.
Raid 5 = The newer thing, where it takes only 1 of your hard drives space, also has redundancy. So, you still gain space while having a lower risk of losing your information. Requires 3 drives.
Information about RAID is all over the net lol. You can add raid cards too if your motherboard doesn't support raid.