I would have to agree with putting the RAM in an anti-static bag 1st. Then, you can use some bubble wrap around the bagged RAM at that should fair well.
It is also not a bad idea to put the RAM (wrapped in anti-static bag + bubble wrap) in a small, shallow box. Then, place that box in the 'shipping' box. Just make sure the small box does not have room to bounce around in the shipping box. And I would also suggest insurance. I just received a USPS Priority Mail package that was mangled to death.
When I've ordered Muskin RAM a few times from New Egg , I have received it this way and it works out well. They put the RAM (already in anti-static bags) and wrap it in bubble wrap and put that inside a small flat white box, which they then put inside the Fed Ex box and fill it in with packing peanuts or more bubble wrap so it does not move.
And as brought up in an earlier post, the person handling the RAM should be aware that the plastic bubble wrap and other packing materials can make some static electricity. So they need to make sure to discharge themselves before handling the RAM (and yes -- for you funny guys out there -- make sure they understand that you mean for them to 'discharge' the static electricity from themselves, not anything else

)