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Help Low memory/"Clear data"?

Okay, I'm not sure if this is a dumb question or not, but I get a lot of low memory warnings, so lately I've been going to manage applications and then going to some apps and clearing the data.
When I clear some of them, it doesn't really make a difference, but I have to reenter the account and so forth (like for email) but it makes it a lot smaller. I guess it's like clearing the cache or something (even though for none of the apps the "clear cache" button works)
So the app that takes up the most space on my phone is "Dialer Storage" at 167MB. I don't want to delete all the data on it if it's important... but what would it do if I deleted the data? Would it affect anything?

Also, if I deleted the data on the Facebook app, would it affect the Facebook pictures and joined contacts? Because I went through a lot of trouble to weed out the bad contacts :p

Thank you so much! :)

Also, any other recommendations would be greatly appreciated to not get this message again... it's annoying.
 

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