I don't know if you can browse and delete specific restore points, but you can limit the hard drive space your computer uses. This refers to WinXP, but I assume it's the same in ME.

Right click on My Computer, and click on the System Restore tab. Highlight your hard drives, and click Settings on each one. Then just lower the sliders, and once Windows runs out of the space you give it, it will begin deleting the oldest restore points.