>>It may be something like GDI memory. Take a look in the System Info with all the apps open to see what the % used is like for memory, that could give a clue...
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>This information is helpful, but even if the % was low, I would need to do something about it (which I have been trying to do already). So back to my original question... Am I saving memory with multiple forms open instead of multiple EXE files?

I would say yes, because you're reducing some exe overhead, but it depends on the type of memory that's causing trouble whether this will solve the problem. But especially good might be one exe where you partition your forms/formsets so that you don't open/keep open forms/objects not in use. I would still check your mem %s, noting that there are several different types to look at.