The Undo and Redo commands store data that is used to undo and redo the effects of other actions. This data takes up memory, and the longer you use Springboard, the more memory it takes up.
If you see symptoms that you are running out of memory - e.g., the computer is running slowly, or Windows shows a message saying it has increased the size of its virtual memory pool, or Task Manager or another tool says the Springboard program is using more memory than your computer has - you can use Edit > Clear Undo Information to discard all that data and free up memory.
After clearing the undo information, you can no longer undo the actions you've done. New actions you take will continue to be added to the undo list normally.