A RAID is set up for either speed, or backup insurance (parity), or both. It all comes with added cost and/or risk over a normal drive setup. You can RAID whatever you want on multiple drives, 2 of 3 drives, 3 of 3, 2 of 5, etc. You can run RAID 0 on those 2 drives like you said. A third drive can either give you parity (RAID 5) if it is big enough to handle the stripe size. In a RAID 5 2x drives worth of storage is used for speed and 1 drive of storage is used for parity data which will allow a complete restore of those 2 (or more) drives if they fail. Generally, for every 2 drives you need 1 parity drive. The Drive size can be flexible. You would use the smallest drive to create the stripe. Meaning you can RAID a 250gb with 2 320gb drives by creating the stripe based on the 250gb. So RAID 0 would be 250gb partitions across the 2-3 drives, or 2x 250gb partitions with a 250gb parity.
Quick summary of benefits is RAID 0 gives you speed. RAID 5 gives you that speed with backup insurance (parity) should those drives fail. While striping data across those drives give you speed, 1 drive failure means they all fail, hence the risk.
No striping on 3 drives (1 = data):
1|0|0
1|0|0
1|0|0
Striping:
1|1|1
0|0|0
0|0|0
As you can see the stripe spreads data across those multiple drives. This allows 3 to work at once, giving you that speed difference.
RAID 5 is a bit slower then RAID 0 because it needs to write that backup data but both are generally faster then no striping at all. You have to ask yourself if the risk is worth the reward of performance where in most cases that performance might only be 5-20% for home users. Large file users like video/audio editors benefit more from RAID striping. These are just general basics, there are alot of RAID schemas for difference needs/situations. RAID on the main OS drives can also be a bit of a pain so some people do 1 normal drive for the OS and applications, then striping 2 others for data storage/cache. Others do the opposite doing a RAID stripe on the OS/application partition for speed, then normal drive for data storage. All depends on what you need/want.