I've tried both, to no avail. Further, the error message i receive is a generic error (Error # 99998) and does not specify what is wrong when trying to perform the function.
I have also tried to reproject the raster to the same coordinate system as the polygons (NAD 1983 UTM 18 N) but I am receiving errors when trying to do this as well. I have tried restarting GIS, reloading the necessary layers and repeating these steps as well.
I am going to give the "erase" tactic a shot momentarily