Sub-threshold leakage in SRAM based cache memories is becoming a predominant source of power consumption in deep-submicron CMOS designs. Phase Change Random Access Memory (PRAM), a high density, fast access, non-volatile memory is being considered as a candidate for future universal memory technologies. In this paper, we investigate the architectural challenges in integrating a PRAM based memory into the conventional cache hierarchy. First, we develop PRAM cache delay and energy models. We then propose a hybrid PRAM architecture for L1 instruction caches on embedded processors. We also propose a PRAM based unified cache architecture for L2 caches on high-end microprocessors. Finally, we evaluate the proposed architectures, in terms of area, performance, and energy. The experimental results show that the PRAM based cache architectures achieve close to 80% reduction in the leakage energy consumption of a L1-L2 cache hierarchy.