Well, if you're watching the Super Bowl and a commercial comes on, you run to the refrigerator and...
*fumbles with script...*
Oops, wait a minute... ahh yes. RAID: Redundant Array of Independent Disks. RAID level 1 is when you have disks that are continuously updated to be identical, so that if one disk fails, you don't lose your data. RAID level 0 is when you have disks that are "interleaved" so one file is split across two or more disks so the data can be retrieved faster (but if one disk fails, data is lost). RAID10 combines the previous two for speed + saftey, and RAID5 splits the data among a set of at least three disks for some of the read-speed benefit of RAID0 without the risk.
From what I've read, RAID is really at its finest on systems using SCSI controllers and SCSI hard drives, rather than "standard" IDE drives, but SCSI is expensive, especially if you need a fair amount of storage space. A 10000rpm 36Gb SCSI drive is over $200, which would be enough to buy a nice 120Gb IDE drive with money left over.
Many motherboards today come with IDE RAID or can be bought with it if you want it. Even if you don't want to use the RAID controller for a RAID, it can still be useful as a second IDE controller for hard drives (many will not run CD/DVD drives or high-capacity LS-120 IDE floppy drives however).
For a better explaination, check out the
AnandTech FAQ.