Raid 1+0 on 3 drives?

Question... I have been running raid 0 for years but as drives get larger and data accumulates I am a bit leary of trusting two independant drives to not fail. My question is can I mirror the two striped drives with just ONE drive? For example...

Say I have 2 500gb drives striped for performance but 1 1tb drive for mirror. I obviously don't care about performance of the mirroring drive (as long as it doesn't somehow hold up the raid controller from performing other functions) as long as it copies my data correctly. I would think this would be a bit cheaper (albiet not by a huge amount) and require less resources from your system.

Is this possible or do I need to do 2 + 2?