OSX has software raid built-in, so you could set up a RAID 0 array using Disk Utility. The major drawback is that you cannot boot off of your RAID array, meaning you must have a minimum of three disks (boot disk, 2xRAID disks).
So, since the G5 only has two disk connectors, you would indeed need an additional PCI Storage Controller. A basic controller card (either ATA or SATA) would let you use OSX software RAID. For maximum performance, you could get a card with a built in hardware RAID controller. That would let you boot from the array, but they will cost you at least $300 just for the card.
I'm not sure you can build a RAID array with individual external drives. There are aftermarket RAID enclosures that house more than one drive and connect through IEEE1394 ports (both 400 & 800). They are quite expensive and you would get better performance connceted directly to a PCI slot.