System, method and computer program product for allocating physical memory to processes. The method includes enabling a kernel to free memory in a physical memory space corresponding to arbitrarily sized memory allocations released by processes or applications in a virtual memory space. After freeing the memory, the system determines whether freed physical memory in the physical memory space spans one or more fixed size memory units (e.g., page frames). The method further includes designating a status of the one or more page frames as available for reuse; the freed page frames marked as available for reuse being available for backing a new process without requiring the kernel to delete data included in the freed memory released by the process. The kernel may organize pages marked as available for reuse in one or more local "pools" that is organized according to a variety of schemes which provide system efficiencies in that the kernel can eliminate the need for deleting of old data in those page frames without compromising data security.