If you have a memory card? As many as you can fit, lol. Average Java titles run between 50 and 700KB each, some are smaller and some are larger - obviously - but those are pretty much the standard range you should be looking at.
Your phone will still run as fast (or slow... stupid SE GUI) as it always does, except when accessing your Games menu - which will be slow for a little if you've got tons of games installed, as it has to poll the info.
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