Is this Possible?

Ok i have a VPS i'm playing with serving no real purpose atm. Its a 1GB gaurenteed ram box which for any purpose i may throw at his is too much.

Now to the question. I'm thinking of installing Arch Linux or Debian 6 on this box for shits and giggles and will prob rotate through distributions so the setup i'd like to try is well not super important when it fails... It will...

I'd like to see if its possible to cut my ram in half, having a 512mb ramdisk for the OS and 512mb ram for the VPS.

Now i could set up something similar locally if i had access to the box. But is this setup possible on a VPS.

If so any direction would be great!

Thanks