RAID 0 (which you can do in Disk Utility) will do what you want, but remember, by spreading the data out on two drives, you're increasing your risk of failure by double (statistically speaking). It'd be safer to buy a larger single drive that can handle it all, or better yet of course to buy two larger drives and keep at least one off-site.
However, if cost is the primary concern, then RAID 0 will let you combine the drives you have to appear as one volume. Just open Disk Utility, click on one of the volumes (click the physical volume, not the drive name), and click on the RAID tab. You can configure your setup there.
jW