Need advice with a new build

Hey guys I want to set up my Hard drives in a RAID 5 config, where info from my 2 main HDD is stored on the third and can be pulled in case of a HDD failure. How big does the third HDD have to be, does it have to be the same size(300gigx2) and writing speed(10000 rpm) as my two actual HDD? Or can it be smaller(80gig) and with a slower (7200rpm)
 
Does anyone have ideas about this? I've been looking all over the place for an answer to this, but to no avail :(
 
... any advice guys? I need to find out how to configure this system for RAID 5... the sooner the better for me :)
 
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