Multiple RAID arrays with motherboard?

I am looking to step up the storage configuration in my rig and I had a few questions. Currently, I have a 250GB 840 EVO SSD and a 1TB HDD for mass storage. I would like to grab a second SSD to put into RAID 0 with my current SSD for that crazy speed, and two additional 1TB drives to put into a RAID 5 array with my current HDD (large capacity to get a Plex server going, loss protection for documents). My motherboard supports RAID in these configurations, but will it be able to do two arrays at the same time? Also, I posted this question to reddit, but all I got were a few people telling me RAID would kill my drives and my dog, steal my girl, burn down my house, and generally ruin my life. Am I nuts for wanting to RAID?

My mobo is the GA-Z97MX Gaming 5 from Gigabyte (info).

There's nothing worse than not trying, DO IT!!!!!!

I really don't see a problem with using that functionality. I have a Gigabit 990FXA-UD5 with both RAID controllers on working just fine one in RAID 10 the other in RAID 1. The reason why I have two different RAID arrays on my system is that I have two different RAID controllers, one is Marvell the other is AMD SB chip. I researched your board that you posted, and it looks like there is only one disk controller (Intel the PCH), and I did not find any information about other controllers. It might be possible that your on-board controller does not support that feature.

Interesting, so the number of RAID arrays is tied to the number of SATA controllers? I did not know that, although now that you say it it does make sense. What about software RAID? I've only heard of it really, is the performance similar to hardware RAID?

Performance of software RAID is similar to hardware. Software RAID can be confusing when compared to hardware RAID. The different is that in software RAID all your controller processes are ran on your motherboards cpu with the software running the logical drive config, and the software being the controller (well when I say controller I mean the software running the disk controller telling the controller what to do). When it comes to hardware RAID all that functionality is built on chip/card with the only software the user installing being the drivers for the interface card. Now some hardware RAID controllers will be able to make multiple RAID arrays with the drives that are attached i.e(lets say you have four HDD's all on your Adaptec 6800 series RAID card, two in RAID 1 the other two in RAID 0)