If you are not expecting a bunch of visitor's you can reduce the nbr of threads that start -- and the nbr of spare servers that start. This should help out -- however would slow your site down if you had a windfall of visitors.
You can do this by editing the httpd.conf file. Not sure what distro you are using but it is most likely in /etc/apache or maybe /etc/httpd .
Just search for the line(s) as follows:
StartServers 3 # 3 is the initial nbr to start
MinSpareServers 1
MaxSpareServers 20
Make sure you read the comments in the config file about the "risks" associated with making these numbers 2 low. However the lower the numbers -- the less memory.
P.S. --- Apache's memory effect is nowhere as bad as it's usage of file descriptors. (If you are spooling out error logs, usage logs, etc... for multiple virtual clients -- your available file descriptors will get sucked up quick.)
Another option to save memory in a small memory environment is to use a different web server. thttpd is a good option:
http://www.acme.com/software/thttpd/
HOWEVER --- And I hate to say this because I don't think it is open source (and that worries me)... It is however totally free and VERY easy to use -- the website is very professional and the documentation looks very complete:
Abyss web server located here:
http://www.aprelium.com/index.html
totally ROCKS as a small footprint/memory webserver....Even with using PHP as a CGI. (When I say small footprint I mean no more than 2 processes using about 800K each....1 process is for the web based Admin console that runs by default on port 9999 on the localhost and lets you easily configure your server.)