Year of the Dragon: Through June 26th, claim free Ground Bound Green Dragon Mount! Speak to Xatheral in the Hall of Heroes.
(April's reward of a free expansion or Greater Elixir of Discovery can still be claimed from Trilliya until June 4th.) edit
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Spell memorization
Bards, Favored Souls, and Sorcerers have to memorize what spells they can use upon character creation, and while leveling up. Unfortunately, unlike D&D, neither currently have the option to swap out older spells for newer spells at level up. However, every three days, you can talk to your class' trainer to swap one of your spells for another one of the same level.
DDO also sometimes uses the term memorize when it means inscribe if you're looking for info on Wizards.
See also Spell preparation, as it often gets confused with.