If you have the money, you could take your VHS to a photo/video store and they will convert them to DVD for you. DVDs themselves would take up less space.

Then you could transfer the DVD files to an external hard drive or to your computer -- taking up WAYYY less space!

But yes, I did throw away my NSYNC memorabilia. The one thing I did keep was a collectible Justin Timberlake teddy bear.