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I don't think this is what you're asking, but for clarity's sake, you can't save a raw file. You can open them in several different applications, convert them to different formats, but you can't take an image in PS and create a raw file.
It probably depends what camera you're using to some extent, but my 5D came out after CS 2, and I can open raw files with it. In both Photoshop and Bridge, there's an Update menu under Tools - you want to hit one of those. It will run updates against all your Adobe software, probably a few of them, and should add raw support.
You should be able to see thumbnails of your raw images in Bridge, and double click to open them directly in Photoshop. You'll get a new window that pops up inside PS, asking if you'd like to change the exposure, white balance, and so on. This is Adobe Camera Raw, or just ACR for short. I've played with a lot of converters, and while I haven't done an exhaustive side-by-side test of apples-to-apples, general experience has me thinking ACR and Phase One Capture One are the two best converters around. I prefer ACR to Canon's raw converter, at least the one that ships with my 5D.
After conversion, instead of being saved to disc, the file opens directly in Photoshop. You probably want to use 16 bit mode to pull as much tonal detail as you can get to work with, and it's important to remember you need to convert color profiles from Adobe RGB to sRGB; web browsers don't understand embedded profiles and just assume sRGB, so if you use aRGB, with its wider gamut, a lot of the colors in your image won't display properly, and will look washed out in general.
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I will download updates, so thank you for the advise on that. Do you still use the software that came with your Canon? 
