I thought I'd mention this in case anyone else ran into this problem.
The Treo 700w I purchased is both the first "Smart Phone" and PDA I've ever owned, so I'm not sure if I'm just a newb or this really is an issue. I was trying to install the .NET Compact Framework 2.0 on my device so I could mess around with writting a few small programs on it. I kept on getting a "not enough memory" error while trying to install. The device is setup with 62.95 MB of Storage memory, and 25.45 MB of Program memory. When trying to install I had nearly all of the Storage space free, though only about 5MB of the Program memory free. I had shut down all of the running programs, cleared all of the Internet Explorer temp files, though that did nothing to free up any memory on the Program memory listing. Why it did not use the other 50MB+ of memory to install I have no clue. Anyway, the resolution:
I unplugged the battery, and it cleared out the excess memory leaving about 11MB available to the Program memory. The Compact Framework installed with no issues afterwards.