Not all RAID arrays offer redundancy, but a RAID 1 does. RAID one is often called a mirror because it does just that; it mirrors the data in case on of the 2 drives fails. If the array is actually built on a RAID controller (not a windows software mirror), then the RAID controller should sound an alarm in the event that the array is degraded. If the array is degraded (1 disk fails) then the system will sound the alarm (audible annoying beeping) and continue to run. If the disks are hot swappable, you can replace the failed disk while the system is running, then rebuild the array from your array management software (i.e. Adaptec Storage Manager).
Here is a link to an article that explains the different types of arrays:
http://www.hardwareanalysis.com/content/topic/67628/