Yes it would work but you would loose most of the space on the 1TG drive.
You have to keep the size of the drives equal.
The logical way to do this would be to have the three 160GB drives on a RAID 5 and leave the 1TB drive on it's own.
For example..
I have a RAID 1 array for my precious files at the moment using two 120GB drives. However I want to increase the size of the RAID 1 array and also have a RAID 0 array for my programs/applications. And I want my OS on a completely different, 5th, drive.
So I going to acquire two 500GB drives and RAID 1 these for my files. The two 120GB drives I have at the moment will be RAID 0 and i'll have my programs/applications on there. And i'll use one small drive to install the OS on. Maybe 60GB. It's only going to have the OS on it.
This is the set-up i'm heading towards.