Well Lets see, I think Isaiah described it pretty well when God told him that our righteousness stinks and its about as clean as some used menstrual rags!
Knowledge puffeth up as the Bible says, but love edifieth.
If you don't have a genuine love for Jesus and the lost, and memorization is just a pride trip to elevate yourself, its not going to do you much good.
If you do happen to memorize the whole bible and all your preacher's sermons to boot, well, I'm not sure how holy you would be, but I can pretty much say you will definitely be holy-er than thou!
Remember, the Devil knows the Bible too. Probably better then you do!