A RAMdisk is a reserved section of your RAM that pretends to be a disk, and that you can use like a very, very fast drive.
My personal opinion is that using one for a page file is a waste of time - if you create an 8 GB pagefile on ramdisk, you have removed 8 GB of memory from the system's use, and it will spend time paging from the memory that isn't the ramdisk to and from the memory that is.
A ramdisk is useful for something that you want to access really, really, really fast. I used to build Java projects in Eclipse on a ramdisk, but you lose everything on such a disk if the system goes down. So I haven't found a real use for one in ages. You could speed up game loads or other app loads, but they you are just moving the time -...