The Catalyst 4500 has a limit of 64 vrfs due to the architecture of the box. The Catalyst 6500/Cisco 7600 with a Supervisor 720-3B/3BXL has a maximum of 1024 vrf (actually 1023 with the global table) due to architecture of that supervisor.
The 7200 has a recommended maximum of 1000 vrfs. The real limiting factor is the number of routes in each vrf though. The maximum recommended number of routes across all vrfs in the 7200 is 150,000.
Theoritically yes, but you still will be constrained by how much memory you have in the router and the maximum number of interfaces (both physical and logical) or more accurately, IDB (interface descriptor blocks) supported by the IOS version. Different platforms and different IOS versions have different IDB limits. Every interface is allocated an IDB, either a hardware IDB (for phyical interfaces) or a software IDB (for logical interfaces ie. subinterfaces).
IDBs consume memory as do routes, as do vrfs, as do different features you turn on.
Also, IDBs, once allocated, the memory remains allocated until the router is reloaded. That is why subinterfaces aren't completely removed from the router until a reload when you delete them from the config.)
Depending on the IOS version, you can use the "show idb" to see your IDB allocation on the box. Also, the following link talks about what IDBs are and limits per platform.
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