Hi, I'm running a Drupal CMS installation on my site, and I was wondering if it would be possible to upgrade my php version to allow more memory. I have a number of modules I need to run, and it's exhausting my alloted memory usage pretty quickly.
This isn't possible. You can upgrade to Paid hosting if you wish to get rid of most of the memory exhaustion limits. With the amount of users/server, the limits are set so that everyone gets an equal share of the server, without making one user (or group of users) slowed down because one user is exhausting too many resources.