At the moment, you should have one disk with the red light on (the other two should be green). All you should need to do is pop out the failed drive and put the replacement drive back in. The server should then power up and activate the new disk, restriping the data back onto the replacement disk automatically. There is no need to prepare the replacement disk. The restriping process is completed when the lights on the replacement disk return to normal.
The replacement disk should be an exact match for the failed disk however (in size and speed).
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