RAM is data/memory directly accessible to the CPU/Motherboard through the front side bus. This memory is used to store running programs and associated variables.
The Hard Drive is used for Persistent data storage (When your computer is turned off and back on, the data remains) the hard drive is also used as a virtual Ram area when the main memory (RAM) is full. The Hard drive is much slower than RAM, Milliseconds vice Nanoseconds. RAM is erased when the computer shuts down.
RAM is controlled by a chipset on the motherboard known as the northbridge which is running at the Front Side Bus (FSB) which is at a high frequency 400,800,1000 MHZ.
Hard Drives are controlled by the southbridge chipset. This chipset is much slower 33, 100, 133, 200 MHZ and data throughput is shared with other devices, PCI, PCIe etc...
Hope this helps: Summary
RAM: Running programs and data for CPU
Hard Disk: Boot data, programs and data for later, virtual RAM.