Hi Mdcr,
Well, this should be pretty straight forward - should be!
Judging by the sizes you've quoted, it looks like you're running RAID 5 - questions are:
Software Raid or Hardware
Hot Plug Drives or not
Do you have a good backup???!
Are you running 2000 or 2003 server?
If so, and you're running software RAID, Disk Management should list the 3 physical drives, probably Disk 0, Disk 1 and Disk 2.
And they will be listed as Dynamic, and On Line - the failed one may be listed as 'missing' or 'off line',
Plus the borders round each Logical Drive will be, erm, Pale Blue I think for RAID 5 - the colour might be different for a failed RAID Volume though.
If thats the case, yeah, you should be able to power down, refit, power up, and re-establish the RAID. If they're hot plug drives, then even better - but I'm not sure Software RAID Supports Hot Swapping drives while powered on...
Hardware Raid:
Chances are your Disks in Disk Management will be 'Basic' disks, and only 1 physical disk will be displayed (if memory serves!).
To access your Hardware RAID 5 configuration, and to display any errors, run HP's Array Configuration Utility (ACU) - which, if not installed, is part of the Proliant Support Pack (PSP). May require a re-boot, and will probably drop your network connection while it updates drivers.
Chances are, if you're running Hardware RAID, your drives will hot swap - no need to power down.
And with the modern technology of hardware RAID, it will simply begin the re-build as and when the replacement drive is shoved in...
As always though... make sure you have a good backup before starting!
Cheers, Mark