Deleting Time Machine backups through Finder doesn't give back HD space
So I recently decided I'd like a bit more free space on my external hard drive (500 GB) just because I didn't like that so much space was going to TM backups. I didn't try to just grab them and throw them in the trash, I tried the deletion by going into TM, gear menu, delete backup. I put in my password it disappeared from TM, but I didn't get back any space on my hard drive. It was 66 GB free before and after I deleted the backup. Then I tried the Trash Can route and deleted an ~40GB backup. It gave the the dialogue about locked files (or something) and I pressed okay. I only got back 6 GB from that, now I'm at 72GB free.
So my question is where is all the free space that should have been freed up by deleting backups and will I have to reformat the HD to get it back? I'm not particularly bothered with TM backups, but there is other stuff on the HD that I would prefer not to have to erase.
MacBook Pro 2009, Mac OS X (10.6.2)