Cold air is just that. You relocate the filter so that it sucks in colder air then what is found normally under the hood. These are the filters you see with extensions on them putting them behind the front bumper and out of the engine bay.
An example is the injen intake for the 240. Basic is just an intake sytem like anyother. Then there is a cold air extension. Look these two up for images and youll see.
Ram air is much better but does have some downsides. It has all the advantages of a cold air system but with out exposing the filter to the direct elements. It encapsulates the intake element in a canister of some sort that is 100% sealed around the filter minus an intake port. This means ari can only come in from one spot and must exit through the filter into the intake. This port often is put directly into a stream of air. Like the nostrils on a firehawk's hood. When speed increases the air is forced into the port thus creating a psudo boost environment. Generally not much is obtained but the faster you go the more is air compression is achieved. Cup your hand at 35 mph out the window then at 90mph see the differance.
The only thing is that it takes more air to go faster so they ballance themselves out to a point. It is definately better then no pressure or a vaccume in the intake.
Before my ram air canister was 100% sealed (used cotter pins to hold the mounting plate / filter into the canister allowing air to blow through the seal, and now use bolts

) I hooked up a vaccume / pressure gauge to a intake vaccume line and mounted it in the car. I drove home and had 0% vaccume in the engine at 80 mph. Since the engine is just a pump I was effectively ballancing out the vaccume normally found in our engine at speed, with the pressurized air. This allows the engine to work easier and breath better thus freeing up hp (bad thing is you need speed for it too work thus cant be dyno'd unlless you simulate the pressure with say a gas leaf blower).
This setup has been proven to give me .1 - .15 minimum (better as the temps decrease) lower times in the quarter, with my car which happens to be equipped with a power hungry automatic. The reason a ram air setup can work on all 89 - 93 cars is because they all have the same intake layout. Its not dependant on the engine but the layout of the intake in regards to the chassis. This is because of fitment and install reasons.
The other downside is that the total intake tract is lengthened. I have to go so I wont type it but do some reasearch on short stack intakes and the normal length intakes for a 240 and the pros and cons of each. Its basically the same thing, but I have the benifit of psudo boost hehe.
If you want a pic of my s14 setup just ask.