1. A surveillance system with dynamic memory management, comprising: a video camera for recording a video clip; a storage unit; a plurality of video clips previously stored in the storage unit; a logic unit that assigns a respective priority to the video clip and to each of the previously stored video clips based on each of a plurality of adjustable surveillance parameters provided by a user, the logic unit stores the video clip from the video camera as a currently stored video clip in the storage unit based on said priority, and dynamically adjusts a priority of each of the plurality of video clips in the storage unit and deletes or archives at least some of the stored plurality of video clips to take effect in real time based upon changes to the plurality of adjustable surveillance parameters made by the user; wherein the plurality of adjustable surveillance parameter further comprises any combination of source parameters, media parameters, user parameters, and correlation parameters; wherein source parameters adjust priority of the video clip based on characteristics of the video camera that recorded the video clip, media parameters adjust priority of the video clip based on the content of the video clip, and user parameters adjust priority of the video clip based on user-defined rules; and wherein deletion or archiving of the video clip is based on the combined weight of the correlation parameters.