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If 2 drives of the same mirror go bad, you loose your data, but if one drive on one mirror, and another of another mirror fails, you don't loose data.
When you replace remove the bad drive and put a good one in, then it depends on your RAID controller on what you need to do. Usually you have to open the RAID utility and then tell it what the new disk should be (if you are using a hot-spare, just mark it as the new hot-spare). Also, depending on the RAID controller and Disk Caddies, you often replace the disks while the server is up and running, but you'd have to make sure "Hot-Swapping" is supported on your server.