The ".raw" extension can point to either RAW ISO file, which is a CD-ROM or DVD-ROM image file written in ISO 9660 format.
RAW can also point to the raw image data read from the CCD of a digital camera -- also known as CCD-RAW. A raw image contains the unprocessed data received from the CCD light sensor. Raw image files can be adjusted much more freely than, for instance, compressed JPEG images.