I have to correct HangTime here.
GarageBand records audio at the same resolution as CDs. That is 16 bit, 44.1KHz resolution. At that resolution, a mono audio track is 5MB per minute. A stereo audio track, because it consists of two mono channels, is 10MB per minute.
CDs can hold 73 minutes of music--that's 730MB, give or take.
If you make a 3 minute song, the final mixed down song in stereo AIFF format will be around 30MB. (you could choose to then convert it to a 3MB MP3 file).
However, your GarageBand project is much larger than that. Let's say you have ten stereo tracks of music in your song, and you freeze every track (converting each one to an audio file). That's 10 three minute stereo tracks at 10MB per minute, or 300MB total. Obviously if you have more tracks in your song, the total size will be even larger.
So in this example your GarageBand project would be 300MB in size, and the final mix-down which you export to iTunes would be 30MB.
As we've mentioned in previous posts, don't ever delete your GarageBand project with its individual tracks just because you have achieved a mix-down that you like. There's always the possibility that you will want to go back and re-mix the song, or re-use the audio material within in some way.
Burn your GarageBand project files to CD-R or DVD-R to archive them. Then you can erase them from your hard drive to free up space.
Other audio programs record tracks at rates up to 24-bit, 96KHz. These files are much larger than the ones GarageBand creates at its lower resolution. So if you are recording audio with other programs, such as Yamaha/Steinberg Cubase or Nuendo, or Apple Logic Express or Logic, your project files will be much larger than those that GarageBand would create.