Mechanical systems are one of the promising platforms for classical and quantum information processing and are already widely-used in electronics and photonics. Cavity optomechanics offers many new possibilities for information processing using mechanical degrees of freedom; one of them is storing optical signals in long-lived mechanical vibrations by means of optomechanically induced transparency. However, the memory storage time is limited by intrinsic mechanical dissipation. More over, in-situ control and manipulation of the stored signals processing has not been demonstrated. Here, we address both of these limitations using a multi-mode cavity optomechanical memory. An additional optical field coupled to the memory modifies its dynamics through time-varying parametric feedback. We demonstrate that this can extend the memory decay time by an order of magnitude, decrease its effective mechanical dissipation rate by two orders of magnitude, and deterministically shift the phase of a stored field by over 2π. This further expands the information processing toolkit provided by cavity optomechanics.