On a jailbroken phone - yes, third party apps can be running at the same time as yours. Running out of memory is common with people who like to have many apps running at once hence the need for task managers, killing tasks etc.
On an unhacked phone - no. Yours is the only non-apple app that is running, no others can run at the same time.
So what can you do? All you can do is try to use the minimum memory possible which you're probably already doing. Realistically you can only test with a factory, unhacked phone, unless you are going to spend hours trying to please everyone. If you think you are maybe using too much you could identify the larger allocations using the instruments tools ("Run with performance tool >" from within Xcode) and then post that chunk of code here to get ideas of how to reduce it.