Generally, it possible to install other software on a RAM disk. However, it is highly inadvisable to do that, as RAM disk contents are volatile in nature and disappear on every reboot or shut down, which would delete the installed software.
RAM disks are normally used for temporary data that doesn't need to be kept beyond switching the computer off.
If you haven't already done so, you may like to have a look at this
article explaining the best usage scenarios and benefits of the RAM Disk.