Virtual ram is actually a good idea in my book. PCs do this quite a bit. "Virtual Memory" sets space on your hard disk to use as swap space to emulate ram. Is it slower? yes. But it DOES work. And contrary to what has been said, emulating a core 2 duo on a celeron pc WOULD work, it would just be pointless and a million times slower than even the native CPU runs (which is already slow)

anyways, you could get around the lack of ram via virtual memory (slow but would work) and you can get around the lack of flash memory via deleting files you dont need on your flash, or heck, edit the flash to look on the memstick instead (has been done on a few prior implementations).

So all of this would be hard as hell to do, and would likely wind up too slow to be usable... but I still think it is worth the shot.