Nope. Internal storage is like a hard drive on a PC. A hard drive is not ROM. And it's not RAM either. I am very aware of what the acronym stands for, I have a B.S. in Computer Science and work in IT. If your internal storage was ROM you would not be able to write to it. If it were RAM you would lose it the moment you turned off your phone. So, it can't be either.
Read-only memory - Wikipedia, the free encyclopedia
Random-access memory - Wikipedia, the free encyclopedia
Edit:
Just looked it up, your internal storage is EEPROM. So essentially it's considered erasable/writeable ROM. Dunno why they still use ROM if you can write to it though. Seems outdated. Either way, it's not ROM in the traditional sense, but, you are correct that it is memory. I guess I've just never heard of anyone refer to storage space as memory. When discussing how much memory one's computer has, anyone I talk to would tell you how much RAM they have, not how much space they have (HDD/SDD).
http://en.wikipedia.org/wiki/Flash_memory
Edit:
But, from what I read here, memory is anything that can interact with the CPU directly, which would include flash memory, but, a hard disk is not. So, internal storage for a PC might be on a hard disk and not be considered memory, while, one running off a solid state drive would be.
http://en.wikipedia.org/wiki/Secondary_memory#Secondary_storage
Edit:
Storage (Internal storage, as phones call it) doesn't have to be either ROM or RAM (like an HDD, but, that's not really an option on phones), but, it definitely has to persist after power has been removed. The only reason I wouldn't use memory is because it can refer to a wide range of things, in this case, your phones RAM or it's flash memory. But, I think at this point it's moot to care what the terms are. I think the terms are all sorta blending and sometimes being used incorrectly (as in the case of being able to write to ROM). You can call it memory, I'll call it storage, and we can both be happy.
But, back to the real issue. If you are in fact running low on RAM, then you shouldn't worry about it. Android manages it's RAM well and closes apps that are taking up RAM but don't need to currently.
If you are running out of your phones internal flash memory (storage for me, memory for you, lol) to install apps, store music/videos, etc. then you should delete files, uninstall apps, move things to SD, etc. This would be like cleaning up a drive on your PC.
On my X2, I believe the App Home contains your launcher settings, if you have that, or, something like that, and, you cleared the Data on it, your desktop layout is gone and you are SOL. As srkmagnus stated, if you get a custom launcher, you can backup the way your desktop is setup, store it on your SD card, and, you can restore to it.