A better metaphor: The hard drive is like your file cabinet (long term file storage), and RAM is like your desktop (where you put the things you're currently working on). Having more hard drive space allows you to store more applications, documents, pictures, movies, music, etc. Having more RAM allows you to work with more of it at once.
To check available hard drive space: Open a Finder window. The info should be displayed near the top or bottom of the window (depending on your view settings). Also, you can click on a hard disk's icon and choose Get Info from the File menu (or press Command-i on the keyboard).
To check how much RAM is physically installed on your computer, choose About This Mac from the Apple menu.
Also, you may want to look at the System Profiler in your Applications/Utilities folder for detailed info about everything installed on your computer.