Someone at Freescale has done this, for their P1022DS evaluation system (and some others as well). They have provided a somewhat useful document about the process in the file ${UBOOTROOT}/doc/README.ramboot-ppc8500 (in U-Boot V2010.12). This document is pretty terse and leaves many questions unanswered, but I found it a reasonable place to start when I needed to debug U-Boot for a new board, before the flash memory for that board was operating correctly.
In fact, having non-functional flash memory is one reason you might want to debug U-Boot in RAM. (There are a few reasons listed in the README, and they all sound pretty reasonable to me, in contrast to some of the other advice available on this subject)
In our situation, it was found that early prototype target board hardware included an error in the address bus connection to the flash memory that prevented us from using that flash memory. While the hardware was being redesigned and re-fabricated, we wanted to continue testing/debugging those parts of our U-Boot configuration that did not depend on flash memory, for example, I2C, Ethernet, FPGA configuration, PCIe, etc. (there are plenty of things that are independent of where the U-Boot image comes from).
Running U-Boot after loading it into RAM via a JTAG interface (using Codewarrior and the USB TAP) allowed us to continue our U-Boot bring-up tasks, even though we had no functional flash memory. Once we received a newer version of the target board with correctly functioning flash memory, we returned to debugging those parts of U-Boot that we hadn't been able to test earlier. After that, U-Boot was fully functional, and we did not have to wait for a board spin to make any progress.