I designed and simulated an extremely simple RISC machine once. It had four 8-bit registers, an ALU, program counter, and 8 instructions. There was a program ROM that controled the state of the machine (I had to program this in hexidecimal).
Instructions: ADD, SUB, JGZ, MOV, LOAD, STORE, and some others I can't remember. Internally the machine had 2 busses to registers and 1 shared bus for memory addressing and data. It was connected to an 8 kb memory chip.
A simple project, but it was cool to watch it work in simulation.