Thing is it isn't exactly hard to either set up a Raid system now or to find information about it given a quick search but anyway this might work as a starting point.
At a consumer level there are commonly two types of Raid to be discussed, Raid0(striping data across two or more drives) and Raid1(mirroring data across two or more drives). Raid has a couple of meanings but one of the most common is Redundant Array of Inexpensive Disks. The system is setup in a form of second 'bios' where you build the array, how exactly this is done differs from controller to controller but as a general rule you will have to press a combination of keys at a prompt(on a Promise controller it is normally ctrl + f) to enter the Raid 'bios'. Ideally the drives used should be exactly the same, ordered at the same time, from the same manufacturer and matching in every way to minimise the chance of problems.
Raid0 is where you connect two or more physical drives through a Raid controller to create one logical drive that will appear to your OS. You get the total size of all hard drives used in this version of Raid, strictly however it isn't Raid as it doesn't have the redundancy of other forms. Raid0 works by striping the data across multiple drives to increase both the read and write speed so it can be very useful for working with large files(e.g. video, graphics or audio processing) however it does increase the risk of data loss due to the reliance on two drives continuining to work as one.
Raid1 again works with two drives and the second mirrors the contents of the first, you will have to go into the Raid 'bios' again and choose the Raid1 option instead. You get to use the size of the smallest disk so as you will normally use drives of exactly the same size that means you get half the total size if you used the disks separately and again you will only see one logical disk. Raid0 gives you an exact copy of what is on the first drive, it does improve read speeds but does nothing for write speeds(and depending on the overheads may prove marginally slower) but is useful in situations where data integrity is important.
This is all from memory so I'm happy to make any corrections and I haven't covered Raid0+1 or Raid5(as the most common others but of course there are loads more) as I know less about them and frankly I can't be bothered right now