RAID stands for Redundant Array of Inexpensive Drives.
Bascially you buy a RAID drive. Inside it has two identical hard drives. It looks to the user and software as a single drive but inside, it stores everything twice, once on each drive, fully redundently. If a problem crops up on one of the drives, it tells you and you can run on the other. You can pull out the bad drive, plug in a new one and it will re-duplicate everything automaticaly. Expensive server systems even let you do this while thigns are running. Less expensve desktop systems are cheap and easy and available in new PCs or as a retrofit.
You can buy a 500Gb RAID 1 Array (1TB total storage) for about $250. I just bought a Western Digital external RAID 1 drive at Costco for that amount that I used for my music and photos.
Note that Windows activation may have a problem with doing it the way you propose. Completly replacing the hard drive (as opposed to a drive int eh RAID array) will change the hardware key and Windows may think it is a new computer and require a new license.