Ok I looked hard and long for an answer to this error after a fresh win7 install, RamDisk no longer would mount image or anything above 1999 MB for a ram drive. Could create large Disk Image but could not mount.I happened to stumble on the answer, came across the support post for "ramdisk needs admin privileges" here [www.softperfect.com]
Quit the RAM disk application.
Open the following file in Notepad:
%ALLUSERSPROFILE%\SoftPerfect\RamDiskWS\ramdiskws.xml <---( no access permissions messed up)
Change the following line:
Somehow privileges where messed up. Seems Ramdrive need to access it as well (user/all users profile). I took ownership through right click (search google for take ownership reg entry). And its back to normal.
I would suggest you actually search for how to repair permissions instead. But once I had access to all users it was Obvious that Ram Disk had not on Install.
I really hope it helps someone cause I wasted literately hours searching. Trying different solutions, reinstall, uninstall, reboots...
So if this helps you save even 5 mins send me a nice cold beer for my ordeal! You can find me at the Tower_of_ Power, just ask for the SystemLord... LMBO