It is possible to migrate to a RAID 0 or RAID 5 volume with the chipset that comes in that motherboard. When the software says “All data will be lost” it will preserve the information that is in one of the Hard Drives (you will be able to choose which Hard Drive you want to preserve) and the information in the other Hard Drive will be deleted. Most of the time the system disk is the one that is going to be preserved since it is the one that has the Operating System. Check the following links, and you will be able to know how to setup this migration. Please read all the links before you change anything in your system.
Set up a RAID-Ready system: http://www.intel.com/support/chipsets/imsm/sb/CS-022830.htm
Supported RAID migration: http://www.intel.com/support/chipsets/imsm/sb/CS-020674.htm
Troubleshooting RAID migration issues: http://www.intel.com/support/chipsets/imsm/sb/CS-029274.htm
Intel Rapid Storage Technology User Guide: http://download.intel.com/support/chipsets/imsm/sb/irst_user_guide.pdf
The Operating System you are using on this system is not supported under Intel Desktop chipsets so; we cannot guarantee everything will work fine under Windows Server. Please check with the manufacturer of the motherboard the supported operating systems.