I took the question to mean textures and objects within the game, which are stored within the video card's onboard memory.
So, if the card has 512MB of VRAM, and the buffer fills up with objects and the game needs to load some more textures, what happens then?
As far as I am aware, the files are loaded form system RAM into the VRAM, which is one of the causes of stuttering in some games.
I could be wrong though, I'm no expert.