In a grand scale, no. L2 cache is not on die, which means that it operates at the full speed of the CPU, and is a lot faster. Cache is also "smart", what I mean is that it caches the most commonly used instructions and data, not just all instructions that the CPU processes. If you have a lot of RAM (at least 1 GB), that will improve performance, maybe beyond the point of a larger cache, but RAM will never really do the same thing as the L2 cache.
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