It has to fit into 512MB of RAM, so don't go expecting it to need to be a 64bit executable, unfortunately ;(
I take it you're refering to VRAM? No, it doesn't work that way. VRAM holds only the visual data that is used to render the current frames (plural because of double and triple-buffering). There's a LOT more to keep in memory for a major game. Especially Skyrim, since the world in it exists and works even when you don't see it.