The DKB Cobra?
The socket will almost certainly be for an FPU. You can buy them for not-too-much, but they're a bit pointless. Very little Amiga software can make use of them.
As for the RAM, it'll happily take a 32MB SIMM. In fact, it'll take up to a whopping 128MB SIMM if you can find one.
Be aware that the card needs a firmware flash to run on Kickstart 3.1. If you have Kickstart 3.1, you'll need to remove the RAM to get it to boot, then flash it with the firmware upgrade (It's on the DKB Ferret disk image, download from here:
http://amiga.resource.cx/exp/cobra)
