Maybe someone else on here can correct me if I am wrong, but you can increase storage by changing the sd card behind the battery. I don't think RAM can be changed, at least not easily.
It wouldn't be worth the time, money, and effort to try to do so. It would be possible but anyone to do that would just be stupid. Buy a newer phone with what you want.
/thread.
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The only way to accomplish this would be to change the boot order....essentially making the extended micro SDHC memory card the internal memory. I have not seen anyone posting that they have done this...and not sure that it would be worth the hassle (as dumpedduce has mentioned above).
Perhaps a developer over at xda developers can give you more information.