Raid 1 mirrors data to both drives right, so if one drive fails, the other still has the data right? And when/if the one drive fails, I can just replace it with another drive?
Yeah RAID-5 is better for Servers with 3 or more drives. Only 1 drive can fail in RAID-5. If 2 drives fail at the same time in RAID-5 you lose all data on the rest of the drives, but that is rare. For Desktop PC's RAID-1 is good for redundancy because you can replace a failed drive and it will rebuild another copy to it. But with a RAID-1 two drive array you're only using half the combined capacity for the security of a spare. With my desktop PC I elected to use RAID-0 to both maximize capacity and speed, but if 1 drive fails I lose all data so I also have an external hard drive just for doing periodic full disk image backups just in case I need to do a full disk image restore!