Yes, it's possible, though a bit complex.
Here's a generally safe method, though some steps are a bit generic.
Backup and reinstall is your safest and best bet. Given that you can't reinstall, back up the data on the RAID-5 to IDE first. This allows free connectors to work from. The best way is something that you will be needing in any event, a disk imaging utility. I prefer Drive Image, though Acronis True Image is excellent as well. Either allows live disk imaging(with Windows running).
First, use the utility to image the data from the data array to a backup disk. Large IDE drives will normally work well and can be hooked to the onboard controller. After backing up these disks, shutdown and pull drives 2, 3 and 4. Store them in antistatic bags in a ver safe location.
Next, install 1 of the 146GB drives with a free SCSI ID jumpered and boot to Windows. Use the utility to image the OS array to this disk.
Shutdown and pull drives 1 and 2 and store as above. Reconfigure the 146GB drive to SCSI ID 0(default bootable on the card). Add another 146GB drive jumpered as 1. Start Windows.
Once booted, configure the 2 disks as dynamic disks in diskmgmt.msc and establish your mirror. Wait for synch...
Once synched, shut down and install the other three drives. Return to diskmgmt and configure as dynamic disks with RAID-5.
Finally, restore the data from the backup on the IDE drive.
Important notes, since the original configuration has not changed on the original disks, it will be a current backup and can be reverted to in case of problems. Note all configuration and system settings prior to beginning and preferrably back everything up to other media before starting. I prefer 2 known good backups in addition to the original disks, which is a good practice to start(always store one safely offsite and in a secure location)
Good Luck!