RAM is memory chips.... Well usually.
Random Access Memory (RAM) means essentially any type of data storage which is re-writable. The converse being Read Only Memory (ROM) which can only be written once.
These terms have been used in other ways however, CD-ROMS for example can only be written once, but nobody ever refers to CDRW's (which can be rewritten) as CD-RAM's. However DVD-RAM is a reasonably common phrase.
In any case, when someone refers to a computer systems RAM, they are referring to the memory chips inside it.
It should be noted that the system's primary memory may not be the only RAM in the system, the Video card can also have a large amount of RAM of its own, this is commonly referred to as "video RAM" with the primary memory referred to as "system RAM"