RAID: Random Array of Inexpensive Disc
Considering the price of new hard drives (especially scsi's) I always laugh at 'inexpensive'
Well, from the datacenter point of view, a new SCSI drive is PEANUTS compared to some of the other "redundant" storage solutions out there... a couple hundred per gigabyte?
Other redundant systems require huge datacenter style equipment; RAID works with regular customer-quality drives and a special card.
And why are you looking for scuzzy drives? What is this, 1995? Or did you mean SATA?

But even if you did mean scuzzy (For example, this $3/gb drive:
http://www.newegg.com/Product/Product.aspx?Item=N82E16822332004), that's STILL cheaper in a RAID than many datacenter data redundancy systems!
NOW ON TO RAID
While the RAID drive has saved my butt, I'm thinking of breaking the array up. Of 4 drives, I have 3 good ones. I'm thinking of plugging one of those 500GB drives into the motherboard as my GAME drive, and using the other two into a RAID-0 for my projects (usually video rendering), and then replace the "R" with some kind of online backup service.
My "Hardware RAID" card turned out to be a "Hardware Assist" card, so most of the processing is done on the main CPU AND the card is crammed onto a PCI card... so maximum thoroughput to and from the array is ~100MB a second, on a good day, with no interference. Which is sad, as the array is 100% SATA 3.0Gb/s.
So, I still <3 RAID, I'm just not going to depend on the "R" bit, at least until I get a half decent controller
RAID Pros and Cons
RAID 0 PRO: Very fast and big (the size of both disks)
RAID 0 CON: If one disk fails, all your data is gone.
RAID 1 PRO: Decent speed and can survive a disk failure
RAID 1 CON: Small; only the size of one of the disks.
RAID 5 PRO: Plenty fast and big. Can survive a disk failure.
RAID 5 CON: Takes 3 disks, you only get the capacity of 2.
RAID 6 PRO: Even faster than 5, can survive two disk failures.
RAID 6 CON: Requires 4 disks, you only get the capacity of 2.