Your compiled code is normally stored in flash since it doesn't change throughout the life of the application. It is not possible for a PSoC3 to execute code from sram (as far as I know) due to its strong Harvard architecture.
As Bob mentioned, PSOC 3 cannot execute code out of RAM, PSOC 5 can.
User historically have used RAM to speed up code snippets, like ISR response,
and PSOC 5 can accomplish this. See http://www.cypress.com/?rID=40986