Possibly, but memory is accessed using plain CPU instructions, so it would be hard to transparently encrypt all memory for an application at the kernel level. You do have virtual memory, but I dont think that could be leveraged for this. But who knows whats possible there, maybe if you align and address each memory value at the page boundaries and always force a page fault you could have a really poor implementation :)

Transparent disk encryption, not a problem since devices have filesystems which can implement encryption at that layer.