If you have Spatial Analyst you might check out the Combine tool, and convert the combined raster to vectors. If you only want to work with rasters, and have Spatial Analyst then use a extract my mask. If you don't have Spatial Analyst or like a different option with rasters, you might also see if you can clip your raster to the desired areas, and then symbolize the No Data areas as no color. There are several ways to clip, one being using graphics in ArcMap.