Time to clear some things up.

• Camera RAW is used to do color correction before working on the image in a program such as Photoshop. The RAWs are imported, adjustments such as color temperature and contrast are applied, and then the final editing is done. This is because RAWs contain a wealth of extra information that's lost when saving a regular file format with flat color information such as JPEG.
  
• Lossless JPEG exists but is not in use by many programs. To my knowledge, not even Photoshop supports it. The chance of any JPEG being lossless is negligibly small, though if you save a regular JPEG at quality 100 it comes quite close.
• If you want a good lossless file format for everyday use, try PNG-32.
• You should always shoot your photos in RAW if the lighting conditions are imperfect.

Incorrect. Most cameras (all cameras?) - to my knowledge - save lossless jpegs.

Nope. Very few cameras do. Many just save a very high-quality JPEG. It's close, but not entirely lossless (but often good enough). Note that this is for practical reasons; very few programs can even decode lossless JPEG.

Actually you're right, but the RAW advantages are often overstated and overhyped.

If you're a professional or a slightly more serious amateur, this is absolutely untrue. The lighting conditions of the scene you're shooting are never perfect. If you save your image in JPEG, you'll lose your chance to adjust it without giving up some quality later.