Yes. There are different types of RAID. Read my FAQ about performance with RAID, using SATA drives. Also, a good a clear explanation about RAID can be found here:
http://www.acnc.com/04_01_00.html
RAID0 is most commenly used to improve performance. Two or more hard drives act as one, which really makes a big difference.
RAID1 gives data security, since all data is copied (mirrored) to the second drive. You'll only have the storage space of one drive, and performance is about the same as a single drive (the mirroring takes place in the background)
RAID5 is a method that improves read performance and data security. A parity stripe is distributed along all drives to enhance security. Write performance with SATA drives is quite awful, and you'll need three or more hard drives.
RAID0+1 combines RAID0 and RAID1 (obviously). Best of both worlds; but you'll need four drives, and you have the storage space of only two.
In RAID0 you have a higher risk of data loss, since the failure of ONE hard drive will destroy all data (see my other RAID FAQ). RAID1, RAID5, and RAID0+1 improve data security, at a cost of storage space