lubuntu and ramdisk

[Sa On]

A key feature of puppy linux is that the entire system (once booted)
runs off the ramdisk.   Question:  Is it possible to implement
something like this in lubuntu?

I'm posting because I'm curious -- I don't really understand how
ramdisk works (in terms of implementation and in relation to OS) and
I'm hoping that someone knowledgeable could shed some light on this.
Of course feel free to actually implement this (and let everyone knows
 :-)

Thanks!