This applies to the Liquid Channel

The Liquid Channel can store up to 40 preamp emulations and 40 compressor emulations. You cannot trade memory places e.g. have 30 pres and 50 compressors.

The emulations themselves are quite small files and you can store them on your computer and select the 40 that you require to store on the machine. After this it is simple to upload and download as you wish with the Liquid Control software.