RAM usage is very dependent on the web server and configuration. You should be mindful of the threading / process model of your web server, how many threads / processes it uses, and other factors.
Try it out on your dev box with a load tester such as ApacheBench, using various settings for your web server's processes / threads and other settings. Measure the ram usage carefully.
The critical thing I must state, is if you're using a prefork Apache on Unix, do NOT set MaxClients too high - you absolutely must not. A limited-RAM machine using PHP should not normally have MaxClients more than 50. Even that might stretch it.
Measure using existing OS tools + ApacheBench.
Mark