This can be done if you use the ICH10R. Did you already setup your controller in RAID mode? If not, then do it and install Intel Rapid Storage Technology and use it to setup your RAID 1. Select the 500GB drive (you'll have to keep the data since it's your boot drive) and the select the other drive.
Before setting up your RAID, I recommend that you backup your 500 GB hard disk if it contains important data. Even if you use RAID 1, regular backups should still be performed.