I assume you're planning on getting an ide raid controller card because the kind of software raid you can implement with XP doesn't include raid 1. Your two 80gig drives may work but it's a big maybe. They need to be identical physically.
The performance of RAID 1 (assuming it's hardware-controller based) is comparable to that of a single drive. Writes are a little slower but reads are a little faster, so it balances out.
RAID is not really meant to be a substitute for a data backup system. The only real purpose of RAID 1 is to reduce downtime when a system fails due to a hard drive failure. Servers running RAID never rely on RAID as their backup program. There are a lot of reasons for this. An obvious one is that if your data somehow gets hosed on your main drive (for example, due to a virus) it will instantly get hosed on your mirror.
There are cheap backup solutions that will perform this data mirroring operation without RAID. One is Iomega's Quiksync. Let's say you have two data folders, DATA1 located on Harddrive1 and DATA2 (your backup destination) located on Harddrive2. You can set up this program to automatically synchronize these two folders. You download an MP3 to DATA1 it will be immediately copied over to DATA2. You don't have to do anything. The first backup or synchronization will take a long time because it's copying over 20+ gigs of data to the backup folder (DATA2). But from then on it will only copy files that are new or have changed (overwriting the older version). Quiksync runs about $40 from Iomega's website. Note that the Quiksync that comes bundled with Iomega drives won't work because this limited version will only work with Iomega drives, like zips or jazz drives, but the $40 version will work with any mass storage device including networked drives. I've found this program on Ebay before for less than $15.
The only thing I'm not absolutely certain about is when you open an MP3, whether Quiksync would then think the file had changed and then overwrite the "older" version on the backup drive. I doubt it very much. The nice thing about this program aside from its syncing ability is that it doesn't change the format of a file into an archive data type, and so doesn't require any restoration procedure like backup exec or msbackup/ntbackup.