This kinda thing was considered way back when(96ish), but it was abondoned. The biggest problem is that video cards are more than just a GPU with Ram, there are numerous other components necessary for TV Out, Dual VGA, and other things. Add in necessary Capacitators, Resistors, etc. Then setting it up so that it doesn't interfere with something else and something else doesn't interfere with it and you've got yourself an engineering nighmare. At the vary least Motherboards would need to get bigger, maybe even need a new Form Factor.
Other reasons are Cost and Video innovation.
Cost: For starters, as already mentioned, Motherboards would cost more. Secondly, the User would have to buy his/her own ram, ram that is often quite expensive(videocard manufacturers get Bulk discounts, Users don't).
Innovation: This is the biggest reason to not do it. ATI, NVidia, and Others would have to design their GPU's to function within tight parameters and even pass on Improved Ram types or increased RAM capacity. If they want to do something that required More Power, Cleaner Power, or even just another Channel(not sure if this is a correct term or not)of Power, they're borked.
Nah, in some ways it would be nice, but overall it's a very bad idea.