I have just acquired a rackmount server for my home cabinet to create a Firewall for my LAN - would like to use pfSense.
Does this version support SATA and RAID?
It does support SATA and RAID controllers in general, but whether or not yours will work wholly depends upon the controller in the hardware.
Check the FreeBSD 7.2 Hardware Notes, and see if the chipset in the server is supported.
Without more detail (a LOT more detail, in fact) about the hardware, it's impossible to say for certain.