if it was just possible to extract the data in the n64 roms so that only the necassary files load into the ram then it would probably work......
hmmm...... would any of these tools allow you to disassemble a n64 rom and then via your emulator would you be able to actually execute the parts and load just the correct files into the ram at the right time and unload files as they are no longer being used in the ram?
http://www.zophar.net/utilities/n64dev.html
I also supose there would be no way of compressing the files highly since it will probably be decompressed before the emu tries executing it? yep short of soldering on an extra 32mb chip, guess we're screwed when it comes to some games?