Creating A New Volume requires dedicated hard drives?

Does creating a new Volume require dedicated drives to be assign to that volume or can they be from the same array as the first volume? 

 

You know how with Windows, you can take a single hard drive and create a new volume so you can have like a C: Drive and a D:Drive from a single hard drive. 

 

Does it work that way with the RAID5 volume? Can you have 2 volumes from the same group of hard drives in RAID5 or Flexraid2,etc..? 

 

Thanks.