Yes - Better than doing partitions, but normaly the bios only supports 2 volums. So Do two Volumes and then partition them under the operating system
Some general comments for others.
When you set up your raid0 volume specify the size (Usually for your Operating system + programs (ie approx 400 Gigs OR 1Gig if not wanting to deal with 2 Gig Limitation) then select the remaining space for volume 2 (not you can partition this space, each with different cluster size, use 16k for partition that will hold large files such as video).
Windows will display two HDDs (Drive 0 and Drive 1) instead of a single drive 0 with two partitions.
Anohter effect of this is that the system will think you short stroked the drives and if you run a bench mark on C you will show improved performance. NOTE since this is a faked short stroke, I dought the improvement is valid. PS this what I did to a pair of drive and C drive improve considerably on benchmark but felt the same as a normal raid0 array..