Another thing you should take into consideration....although, being a DVD drive it shoud be OK because its not always running....but make sure your power supply is sufficient. 300-350 watt supply will be plenty.
1 - 60 GB - WD - NTFS - OS drive
1 - 120 GB - Maxtor Ultra - finishing drive
2 - 80 GB - Maxtor 7200 - In a Stripe 0 RAID array - capture drive
1 - Pioneer DVD-ROM
1 - Pioneer DVR-105 burner
I use to have 2 more HD's in my box, a 10 GB (which I used as a floppy, strickly storage), and a 4 GB that was a dedicated page file.
But to answer your question...yes, you can do it. Make sure your master / slave jumper is set right.