While its not absolutely necessary the drives in a RAID setup be identical, it is good practice, for a number of reasons. One major consideration is that defining the overall performance will be the characteristics of the drive of lower specification; a RAID setup using drives of different storage capacities, for instance, simply will not utilize the larger drive's additional space. Mismatch of drive rotation speed, read/write speed, and/or throughput can present problems too, and in any event any speed advantage inherent to the faster drive will not be realized.
That out of the way, what do you expect to accomplish through a RAID setup? There are many RAID configurations, some granting performance enhancement, others providing data integrity enhancement. The 2 most common RAID setups are RAID 0 and RAID 1, most typically in 2-drive configurations, other configurations more or less amount to permutations on/variations of the basic setup.
RAID 0, or disk striping, essentially treats 2 drives as 1. Data is split between both drives, which the machine accesses in parallel; effectively, it "sees" 1 drive. RAID 0 will "speed things up", an advantage relative to gaming or multimedia performance, but if anything, it must be considered that data is less protected in a RAID 0 setup than with a single hard drive, as there are 2 drives, 2 possible failure sources, and failure of either, whether mechanical fault or data corruption, means failure all around.
RAID 1, or mirroring, essentially writes all data simultaneously to both drives. RAID 1 has no relative effect on performance, but does provide fully redundant data storage; if something goes wrong with 1 drive or its data, the other is still there, which is a distinct advantage for machines oriented to business or research applications.
RAID 2 is similar to RAID 1, but involves 2 or more drives with either duplicated drive partitions or a separate drive used not for direct handling of data but as a "check disc", sorta like a hall monitor to more or less see to keeping things orderly. As with RAID 1, there's no speed advantage - in fact, there can be a speed penalty - but there is data redundancy.
RAID 3, RAID 4, and RAID 5 all involve multiple drives, usually in odd number, with 1 or more drives dedicated to parity checking - making sure the data streams from the other drives are in agreement with one another, more or less, with RAID 5 going as far as to make the error correction redundant across 1 or more pairs of drives. There is a speed advantage over RAID 1 or RAID 2. One way to look at it would be that instead of a hall monitor, there's a traffic cop.
RAID 0+1, another multiple drive setup (at least 4), amounts to combinining the functionality of RAID 0 and RAID 1; typically there will be 2 groups of 2 or more drives each (the same number of drives in each group if more than 2). The drives in each group are configured relative to one another as RAID 1, the groups are configured relative to one another as RAID 0. The effect is the speed enhancement of RAID 0 coupled with the data integrity enhancement of RAID 1 - at the costs of increased heat production, energy cost, and hardware acquisition. RAID 0+1 often is found on ultra-high-buck, flat-out cutting-edge gaming, multimedia, or CAD machines, where price is far less a factor than squeezing out every possible bit of performance.
There's also something relatively new, called RAID 6 - which its originator, Intel, claims offers the best of all RAID configurations in one package, I really haven't enough familiarity with it to comment on it.
Personally - and this is just me - I favor having operating system and applications on a 2-drive RAID 0 setup using a pair of the highest speed drives practical - size is relatively unimportant since all that's gonna be on those drives is OS and apps plus whatever data you happen at the moment to be working with - while data for storage, not actively in use, goes to an independent 3rd, high-capacity drive, the speed of which is relatively unimportant. Currently, my "main machine" is set up that way, with a pair of identical 60GB drives in RAID 0 and an independent 300GB drive (of different brand, but that's not important) used strictly as storage. All 3 are 7200rpm SATA drives.
Incidentally, for backup, I recommend an external hard drive. Use whatever backup app and schedule you like, but back up externally.
(edit to add):
Here are a couple of pretty good articles to help you figure things out:
RAID: What is it and why do you care?
RAID - Your Guide