Restoring stuff from icloud

Ok so I have an 8GB iPhone 4S and often I run out of space on my phone. I have used icloud but I don't have any money to buy more icloud storage. So instead I backed up my phone to my computer thru itunes. My question is, now that i have backed it up, can i delete all my photos and videos off of my phone and start over. Then if I back it up again will I be able to restore from both back ups? I know this is confusing but this whole back situation is really confusing to me.

One iDevice just can keep one iTunes backup file. When you backup your iPhone with iTunes the second time, your previous backup will be overwritten.

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