Yes, you can power the server off and either replace the drive or just pull it. If you swap the drive then power the server back up, the server will realise that a disk has been replaced and will ask you as part of post boot whether you want to ackowledge the fault and start restriping (the answer is yes of course). If you just pull the disk then power the server on, you will be asked to confirm whether you want the server to work in interim mode (without the failed disk). When you put a replacement disk back into the server, the server should start to restripe as normal.
I would never suggest that a drive is pulled out "hot" as I have seen it cause corruption in the servers logical volume which caused data corruption so you are very right not to want to do that.
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"Who is General Failure and what is he doing on my computer?"
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