There is a difference between the memory used by a program and the memory used in total by DrRacket. When I start up DrRacket and before entering or running any program I see that DrRacket uses 250MB. The interaction window states I have limited memory to 128MB too so that means that that particular program cannot go beond those bounds, but there are featrues of DrRacket that uses alot more memory on you machine than mine.
I went into the settings and removed some features I don't use (like Algiol60). When restarting after that I used 50MB less memory which indeed confirms the memory is used by DrRacket and not programs.
For a particular complex program I guess background expansion might use a lot of memory. Perhaps you can turn that off as well to see if not the current used memory goes down.
About heat
As Óscar mentioned memory usage has little to do with heat as long as you don't hear the swap is being used (heavy disk usage). Heat has to do with CPU usage. When doing calculations the OS will make available resources available and perhaps increase the frequencey of the CPU which increases the heat.
If you are making a threaded application that has loops waiting for tasks make sure you are not making an active loop. Sleep might reduce activeness and perhaps Racket has better approaches (never done threded apps in Racket)
If you are calculating something the increase of CPU is natural. It's so that you get the answer earlier. Computer settings can be changed to favor battery time. Check both OS and BIOS. (That makes this not a Racket issue)