Clipping Rasters - Raster Calculator Method (requires Spatial Analyst extension)

1. Go to the options of the Spatial Analyst (drop down menu on toolbar - you may have to activate this toolbar first)
2. In the "General" tab set the "Analysis Mask" as the smallest raster. You'll cut the rasters with the shape of the "Analysis Mask".
3. In the "Extent" tab set the extent as the same layer as the "Analysis Mask"
4. Choose the cell size in the "Cell Size" tab and close the options menu.
   
5. Go to the raster calculator (also in the drop down menu on the spatial analyst toolbar)
6. Double click the raster you want to clip and press the "Evaluate"

NOTE you can only clip rasters one by one.