I'm not sure what you're referring to by these Binary Large Objects. The content of inline images such as in signatures is stored in the ExchangeClient module in the body field of the entity called GenericObject. This is saved in base64 format as a part of the body HTML so the html viewer widget can display the full email (or task/calendar item/etc) easily. There are no other types of binary/etc objects in the database itself. Actual attachments are saved on the hard disk and are only referred to in the database.
I think you mean CLOB's, because all e-mail items in the database are stored as (long) text.
Shrinking a database is possible when there is a full backup (also a backup of the transaction log) of the database. When this is the case, right-click your database (in Microsoft SQL Server Management Studio), choose Tasks, Shrink, Database. In the upcoming window, you can shrink the database, which will reduce the size of the database if it's possible.