I totally overlooked that you need Free memory, not available memory, so my answer is wrong, sorry. But that number doesn't mean nothing since memory used for cache will be reduced, see how windows vista, 7 memory manager works :
http://www.codinghorror.com/blog/2006/09/why-does-vista-use-all-my-memory.html
You could use GetPerformanceInfo windows API, it shows exactly the same values as Windows Task Manager on Windows 7, look at my SO answer on similar question :
C# Get used memory in %
or download source for Top Process, that is a little software that is displaying free memory and CPU usage, it's open source and totaly free, and I should say that I wrote it :)