RAID 5 will be no worse for reading data than RAID 0, but it is much slower at writing data. If you don't mind it taking longer to copy files to the drive, it should be fine for holding files for playback.
The only caveat might be that if one of the disks in the RAID volume fails, reading will also slow down. It depends on the performance of the RAID controller, the underlying disks, and whether or not there is other activity on the drive at the same time - but normally I'd expect you to be able to play back music or video OK on a degraded RAID volume.