The size is only influenced by the size of the file, regardless of format (but obviously, certain formats result in smaller files than others).
One way to archive bitmaps, if you need to keep them as bitmaps, is simply to zip them. Alternatively, convert them to another image format that includes compression (ideally, lossless compression so not jpg). Sorry this was explaining archiving the files, not conserving live memory usage.
To stop bitmap objects using memory, you will need to let go of the item in memory and reload it when you want to use it again. Alternatively, though I've no experience with this, look into the new .NET 4 memory mapped files.