Since I can't comment on the earlier answers above due to not having enough reputation (which seems backwards... shouldn't I be able to comment on others' answers, but not provide my own answers?... anyway...), I'd like to mention that there is a major flaw with relying on Collections.shuffle() which has little to do with the memory constraints of your collection:
Collections.shuffle() uses a Random object, which in Java uses a 48-bit seed. This means there are 281,474,976,710,656 possible seed values. That seems like a lot. But consider if you want to use this method to shuffle a 52-card deck. A 52-card deck has 52! (over 8*10^67 possible configurations). Since you'll always get the same shuffled results if you use the same seed, you can see that the possible configurations of a 52-card deck that Collections.shuffle() can produce is but a small fraction of all the possible configurations.
In fact, Collections.shuffle() is not a good solution for shuffling any collection over 16 elements. A 17-element collection has 17! or 355,687,428,096,000 configurations, meaning 74,212,451,385,344 configurations will never be the outcome of Collections.shuffle() for a 17-element list.
Depending on your needs, this can be extremely important. Poor choice of shuffle/randomization techniques can leave your software vulnerable to attack. For instance, if you used Collections.shuffle() or a similar algorithm to implement a commercial poker server, your shuffling would be biased and a savvy computer-assisted player could use that knowledge to their benefit, as it skews the odds.