VCs are a great way to free up memory. Most Linux distributions run about 6 of them out of the box. On average running 6 VCs requires about 4MB of memory. Removing a couple of them can free up a couple MBs of memory. Most users can get away with running only 3 or 4 VCs. How many you choose to remove is a matter personal preference. Just remember that the fewer you run, the more memory your applications will have to run.
The file which outlines how many VCs get loaded is /etc/inittab. In order to remove VCs:
Load /etc/inittab in a text editor.
Look for a line which looks like the following line (the key feature being a line which starts with c1):
c1:12345:respawn:/sbin/getty tty1 38400 linux
Start at the highest number (i.e. c6) and comment it out by inserting a '#' in the first row. Repeat this step as many times as needed. Remember every line you comment out is one less VC running.
Re-boot the system for your changes to take effect.