I've never used memcache, but my understanding is that memcache stores the results of queries whereas adding ram to the database will perhaps help it store indexes, tables, and query compiles, but to the best of my knowledge, the results of queries are not stored by DBMSs -- this is why memcache is used.
If my understanding of memcache is correct, throwing more ram at the db won't provide the same performance improvements that memcache will provide.