Depending on the chipset, you usually can. I currently have 2 160GB raid 0 hard drives with xp pro on them, and i have one 4 GB single drive with server 2003.
You'll need to choose which one you think is more important, for me it is the windows xp. So I installed that first, which is probably the OS on the RAIDed hard drives, for me it was win xp. Then after I was done with that, I put server on the single hard drive. They call that "dual boot" when you have more than one OS on your computer. Or you don't have to make the other hard drive bootable, and you can just use it as storage, which is just fine.
Windows installation might not have drivers for your card/controller, especially the newer chipsets, so make sure you see if you have a floppy or disc with them on there.
I'd recommend that you back up all your stuff onto discs or an extra hard drive, so you can transfer them after you are done installing the OS onto the RAID hard drives. Take a look at the "RAID 101" sticky before you do RAID.