On the Palm Desktop, go to tools, then purge events. You are given the option of how far back you want to purge. This purge will create an archive file within the file structure so you could always get them back, if needed.
This can also be done on the handheld:
Go to Day view in Calendar, then menu, then record then purge (shortcut E also works to pull up the menu) and you are given the same basic options here as on the desktop. Be certain to mark the checkbox "Save archive copy on PC" if you want to be able to pull it up later via the Desktop's "open archive" record file menu option.