RAID means "Redundant Array of Independant Disk" (originally joked as "Inexpensive" disk so they could use a different acronym for large expensive disk).
Level 0 isn't actually RAID because it's not redundant, but uses the same technology so it's called RAID anyway.
Level 0 is striping, all data is broken up into chunks and split between two drives. That gives you the bandwidth of 2 drives as opposed to 1 in order to speed up transfers.
Level 1 is mirroring, one drive is an exact copy of the other. It doesn't help performance, but offers 100% redundance in case 1 drive fails. Because one is a copy of the other, you only get the capacity of 1 drive (half the capacity of the 2 drives you're using).
Level 3 requires at least 3 drives because the third is used to store parity information uses to recover a drive without having all the data. The other drives sort of act like level 0, but you don't get a performance boost because the controller has a lot of calculations to do (it creats parity bits).
Level 5 is similar to level 3 but divides the drives into several chunks and distributes the parity to certain places on each drive, rather than putting it all on one drive. It's generally faster than level 3.
Level 10 (or 0+1) uses 4 drives, which consist of 2 level 0's. The second level 0 array is a copy of the first. It has all the advantages of Level 0 and 1, and the disadvantage that it still gives you only 1/2 your capacity.
Level 50 is a Level 5 array constructed of several Level 0 arrays. It's probably the fastest and has great redundancy, but requires you to have a lot of drives.
There are also some oddball types, but those are the main ones.
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