Like has been mentioned, it really makes a difference what you are doing with the drive to be able to recommend a good solution.
I was thinking you just wanted to fake a program into thinking your mounted image was in a drive. You can use subst for that.
If you want to extract an image to the virtual drive, you might be better off with a ram drive since it will be faster and you don't have to worry about deleting the files when done.
There's a lot of ways to solve your question, but without more info, you won't really have a solution.