Ramdisk is just that: a virtual mounted disk that stores in ram. They would not work with memory cards, obviously, because memory cards and ram are two completely different things. Ramdisks cannot benefit modern programs much (except in special scenarios) because the relevant data has to be able to fit in the ramdisk (I guess if you had multiple gigs of ram that might be plausible).
As for memory cards, they are treated by windows as removable storage. They get their own mount points, so technically its possible to install any normal program to a mc. Emulators can let you simulate having the disc in the drive ::insert diatribe about the futility of playing games on ultraportable computers here::
A caveat: flash memory has a limited write/rewrite lifespan (1 million or so write/rewrites), so you might not want to start using costly memory sticks in the function of a hard drive. There are flash drives which fit in the pcmcia slot, and are specifically designed to be used as drives . They are costly.