UpdateUpdate: I am now going with the chroot option. Currently doing:
mkdir /dev/shm/ramdisk/ && cd ramdisk && mkdir bin lib64 && cd /lib64 && cp ld-linux-x86-64.so.2 libc.so.6 libdl.so.2 libpthread.so.0 librt.so.1 libtinfo.so.5 /dev/shm/ramdisk/lib64 && cd /bin && cp bash dd /dev/shm/ramdisk/bin && cd /dev/shm/ramdisk && chroot .
mkdir /dev/shm/ramdisk/ && cd ramdisk && mkdir bin lib64 && cd /lib64 && cp ld-linux-x86-64.so.2 libc.so.6 libdl.so.2 libpthread.so.0 librt.so.1 libtinfo.so.5 /dev/shm/ramdisk/lib64 && cd /bin && cp bash dd /dev/shm/ramdisk/bin && cd /dev/shm/ramdisk && chroot .
UpdateUpdate 2012-07-20:
mkdir /dev/shm/ramdisk/ && cd /dev/shm/ramdisk && mkdir bin lib64 && cd /lib64 && cp ld-linux-x86-64.so.2 libc.so.6 libdl.so.2 libpthread.so.0 librt.so.1 libtinfo.so.5 /dev/shm/ramdisk/lib64 && cd /bin && cp bash dd /dev/shm/ramdisk/bin && mkdir /dev/shm/ramdisk/dev && cd /dev/shm/ramdisk/dev && cp -a /dev/zero . && cp -a /dev/sda . && cd .. && chroot . dd if=/dev/zero of=/dev/sda bs=1M
mkdir /dev/shm/ramdisk/ && cd /dev/shm/ramdisk && mkdir bin lib64 && cd /lib64 && cp ld-linux-x86-64.so.2 libc.so.6 libdl.so.2 libpthread.so.0 librt.so.1 libtinfo.so.5 /dev/shm/ramdisk/lib64 && cd /bin && cp bash dd /dev/shm/ramdisk/bin && mkdir /dev/shm/ramdisk/dev && cd /dev/shm/ramdisk/dev && cp -a /dev/zero . && cp -a /dev/sda . && cd .. && chroot . dd if=/dev/zero of=/dev/sda bs=1M