Yes. You just have to set the RAID controller function to IDE in the BIOS. You can plug into either the ICH5R SATA ports (built into the southbridge) or the add-in RAID chip ports.
FYI you don't want to put an optical drive on the SATA channels. You'll need to get a SATA->IDE Adapter like Abit's Seriell adapter.
P4 2.6C, Thermalright SP94/Panaflo 92MM M1A, IC7 Max3, Swifty MCX159, 1GB Geil PC4000 Ultra Plat, Radeon 8500, Audigy 2, 2X WD Raptor RAID 0, WD 250GB SE, Plex 708A, 166SDVD, LianLi PC75, XP Pro.