You can use the RAID0 drive to install applications to it, and you will see some performance gains from that, depending on the application, but no where near as good performance as a SSD. In my case, I have:
1. A SSD with the OS, Office, AV and other key applications
2. A RAID0 for a very specific application installed to it, and the associated data files
Its important to note that a RAID0 drive has no redundancy, so if one disk in the RAID0 fails, then you WILL lose everything in the RAID. To use a RAID0, you really should have an external backup system to keep that RAID0 backed-up incase one of the drives fail (FREE Macrium Reflect
or other might be a good choice here).