From what you describe you have your customer model in an assembly presumably with some other components. By using partial loading and representations you will be loading very little of the component geometry on demand when you first open your assembly. When you change reference sets to Solid then you'll be loading more, but you can sneak up on extracting geometry bit by bit until you have the full compliment of what you need.
In order to set this up manually on existing parts you would need to be able to create Faceted Representations and I think you may need an Advanced Assemblies License for that. Most people set up their customer defaults to create them automatically under Utilities>Customer defaults>Assemblies>Site Standards there is a Representations Tab where those settings can be made. Once done the system will create a reference set containing the faceted bodies regardless of the License. You would need to make the change restart NX and then reopen and save any older parts to effect the changes fully.
After that you look into your load options turning partial loading on, and setting the default reference set to the name you have chosen for your faceted representations. In NX-5 you can just move "use lightweight" to the top of the priority list, if your customer defaults are set as described above. The next assembly you open will be as lightweight, and that will start to save you time.
Do one other thing if necessary turn off "load interpart data" under your load options and turn on "Delay Interpart" under Tools>Update. This limits the effect that wave links will have on opening interpart data. It also means that the process of keeping wave geometry up to date is less automatic. You may want to change those setting later or when working on smaller less demanding assemblies, but for the moment lets get you every bit of memory we can claw back.
With extracting geometry from a customer model we would most likely use wave links initially, but we often try to lighten the load and keep it simple by breaking the links after the geometry is extracted. One reason for this is that if the extracted data describes an interface from a customer model that may later be updated then you often can't rely on updated versions to contain the same number of elements so chances are the model would fall apart in the process of trying to automatically update. Better in that case to make the process more manual, and indeed broken links can be manually recreated as required so why waste time having the model attempt to check and rebuild itself whenever you preform an "update session".
Anyway see how you go based on that info, and please get back to us if you think it has helped.
Cheers
Hudson