RAID is a very useful technology, as it can help your server survive through the crash of a single disk. RAID is not a backup solution, but more of a safety net that will hopefully prevent you from having to reload a server. The idea behind RAID is having redundancy, so that data is mirrored or striped among several disks. With most RAID configurations, you can survive the loss of a single disk, so if a disk fails, you can usually replace it and re-sync and be back to normal. The server itself will continue to work, even if there is a failed disk. However, losing additional disks will likely result in failure right away. When a RAID disk fails, you will need to replace that disk as quick as you can, hopefully before the other disk goes too.
Replacing failed RAID disks
The default live installer for Ubuntu Server doesn't offer a RAID setup option, but the alternate installer...