It's called a "hard drive"
Think about it, external RAM would be just plain silly. The whole point of RAM is to have disposible memory available at a very quick speed. So quick, in fact, that it's the fastest thing to talk with the CPU out of any of the peripherals on your computer.
"Virtual Memory" is the next best thing, which is basically when you section off a piece of your hard drive to act _like_ RAM but the information is kept on the hard drive instead. That being said, when you're running off of virtual memory you're going to run a hell of a lot slower, because the time to take information from a hard drive is probably about 10 times the time it takes to pull the information off of RAM.
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