Can you check what is the size of content folder

program files\symantec..symantec endpoint...manager\content

if this is huge
change the content revisions to keep to 3 in SEPM
admi- server-local site-properties-liveupdate

Hi Sir,

Thanks for your urgent reply. Let me check the content folder then get back to you asap. What if it's so big , do I need to delete everything inside the said folder? With regard to the content revision, it is only 2.

I agree with Rafeeq the no.
of more revisions can be the reason. another possibility is corrupted
definitions. You can use below article for clearing it

How to clear corrupt Virus Definitions from SEPM

http://www.symantec.com/connect/articles/how-clear-corrupt-virus-definitions-sepm

Check the sub folders under SEPM folder.. find out which folder is occupying more space...

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If live update folder is large there might be some currupt definition. you can clear them.
REF:
  http://service1.symantec.com/SUPPORT/ent-security....
  https://www-secure.symantec.com/connect/articles/h...
  https://www-secure.symantec.com/connect/forums/mac...
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If content folder is large, then you can reduce the number of content to keep under sepm console.
Login toSEPM--> Admin---> Servers---> Local site properties--->Live update settings--->Disk space management for download.
Reduce the number of content as per ur need... (This will delete the some data from inetpub\content folder)
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If you are using embedded database you can shrink the database.
REF:
  http://service1.symantec.com/SUPPORT/ent-security....
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If you are using Local MS SQL database then sem5 database files can be moved.(If installed in C drive).
Stop SEPM service.
Login to MS SQL management studio.
Detach the SEM5 database.
Move the SEM5 related files under "Program Files\Microsoft SQL Server\MSSQL.1\MSSQL\Data" folder to disk where there sufficient disk space.
attach the database in management console using sem5.mdf file in other disk.
Start the SEPM service.
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Even check the replication status... If replication has failed then Program Files\Symantec\Symantec Endpoint Protection Manager\data\replication\outbox may contain huge data...
Try to do replication successfully. 
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Also check the size of C:\Documents
and Settings\All Users\Application Data\Symantec

folder and let us know the
size...

Wel first we need to make sure is SEPM the problem or something else.

Check the size of program files\symantec]symantec nedpoint...manager 
c:\prgoram files\common files\symantec shared
C:\Documents and Settings\All Users\Application Data\Symantec

of these 3 folder then may be we can make out what is creating the problem.

Also clear the temp files from start - run -%temp% and C:\Windows\Temp

Thanks for all the workaround and possible resolution given. I was able to clear out corrupted definitions and delete unnecessary content anymore.

Good to here that...
 

I changed the amount of revisions to keep from 120 to 3 but this has not had an immediate effect on the free disk space. How can I purge the old revisions?

Stop and Start the SEPM service

And then run the LU  from the SEPM, see if that helps?