Assuming that you already had the OS installed (hence using UPTOMP.EXE), reconfiguring the RAID via booting to the ServeRAID CD is the wrong approach. Based on the error message, you need to re-install the RAID driver for the version of firmware you are currently running. If it's v4.70, it's very very old, and should have been updated long ago. The current version is 7.10. Updating the ServeRAID firmware and driver is a normal part of server maintenance, and DOES NOT destroy data!!! Until your current issue is resolved, I don't recommend changing any more than you have to to get to a working environment. You can contact IBM Support to have them send you the v4.70 ServeRAID device driver for NT.
Before you call, some things you should know:
1. IBM does not support UPTOMP.EXE, so any support will be on a "best effort" basis - not a huge concern.
2. Access the ServeRAID mini-configuration utility (Ctrl+I) to determine the state of the RAID configuration. If all the drives are online (ONL), and the ServeRAID POST indicates the state of the Logical Drive/Array is OK, DO NOT initialize the controller and load the configuration from the HDDs - if the Controller knows the drive and array state, you introduce a risk by doing this. If Support suggests you do this, request immediate escalation to the next level of support.
3. As soon as you recover from this failure, you should update the ServeRAID driver in the OS, then the ServeRAID Controller firmware.
If you do not see the option to select Ctrl+I, confirm your hot-swap backplane is actually connected to a RAID controller. The Netfinity 5000 ships by default with the backplane connected to the onboard dual-channel SCSI controller.
Also, the RAID controller should be installed in Slot 5, so POST sees it before the onboard SCSI controller. This is a last thing to do once all the other issues are resolved. Don't change it before you're fixed.