If your PC is older then lets say 5-6 years, you will probably need to flash BIOS and upgrade to SP2 or later if you have XP to see drives larger then 137 GBs.
Now there are tons on different interfaces with varying speeds and such. So Ill just try to answer your question.
PATA is an older but still popular interface, it was first introduced some 15 years ago, it stands for parralel Advanced Technology attachement. . 133 Describes the speed, Currently for PATA drives 133 is the fastest Speed.
With anything faster then 33, you will need to use an 80 conductor ribbion cable, the connector will still be 40 Pins though.
RAID= Redundant array of independant drives, meaning multiple drives can be combined into 1, to provide faster file read times and more space. There are many types of RAID such as Raid 0 which is stripping and Raid 1 which is mirroing.
SATA is Serial ATA, ATA meaning Advanced Technology attachment.
The 4 x means you have 4 SATA connectors, so you can connect up to 4 drives.
With PATA there are only two 40 pin connectors but each ribbion cable can connect up to 2 harddrives or 2 optical drives.
SATA is a newer Harddrive technology which provides faster transfer speeds and much smaller cables, It is also Plug And Play meaning that no user interaction is needed to configure it. You can also unplug a SATA drive while computer is on, but it is not reccomeneded.
The Sentences with RAID in them mean your motherboard Supports RAID configurations with either SATA or PATA drives.
EIDE Drives connect using PATA.
So you can either buy an EIDE harddrive which is perfectly fine, or you can buy a SATA harddrive which is a newer technology and is also perfectly fine.