How many drives do you have? Are there two 2 TB drives or four 1 TB drives? Not clear as you stated, "I ran out of space and just got me another Western digital MyBook Studio Edition II (2 x 1TB harddisk) which gives me a total of 4TB." By my arithmetic that's a total of 2 TBs.
You can create a mirrored raid of two 2 TB drives that will provide 2 TBs of storage with one drive mirroring the other. The two drives should be the same size and preferably the same make and model. You will need an external enclosure for two drives or one that contains RAID hardware for a mirrored RAID. You can find an enclosure at
OWC.
Creating a RAID requires starting with two blank drives that have been partitioned using GUID and formatted Mac OS Extended (Journaled.) When the RAID is created both drives will be erased.
RAID Basics
For basic definitions and discussion of what a RAID is and the different types of RAIDs see
RAIDs. Additional discussions plus advantages and disadvantages of RAIDs and different RAID arrays see:
RAID Tutorial;
RAID Array and Server: Hardware and Service Comparison>.
Hardware or Software RAID?
RAID Hardware Vs RAID Software - What is your best option?
RAID is a method of combining multiple disk drives into a single entity in order to improve the overall performance and reliability of your system. The different options for combining the disks are referred to as RAID levels. There are several different levels of RAID available depending on the needs of your system. One of the options available to you is whether you should use a Hardware RAID solution or a Software RAID solution.
RAID Hardware is always a disk controller to which you can cable up the disk drives. RAID Software is a set of kernel modules coupled together with management utilities that implement RAID in Software and require no additional hardware.
Pros and cons
Software RAID is more flexible than Hardware RAID. Software RAID is also considerably less expensive. On the other hand, a Software RAID system requires more CPU cycles and power to run well than a comparable Hardware RAID System. Also, because Software RAID operates on a partition by partition basis where a number of individual disk partitions are grouped together as opposed to Hardware RAID systems which generally group together entire disk drives, Software RAID tends be slightly more complicated to run. This is because it has more available configurations and options. An added benefit to the slightly more expensive Hardware RAID solution is that many Hardware RAID systems incorporate features that are specialized for optimizing the performance of your system.
For more detailed information on the differences between Software RAID and Hardware RAID you may want to read:
Hardware RAID vs. Software RAID: Which Implementation is Best for my Application?