Cavity optomechanics enables active manipulation of mechanical resonators through backaction cooling and amplification. This ability to control mechanical motion with retarded optical forces has recently spurred a race towards realizing a mechanical resonator in its quantum ground state. Here, instead of quenching optomechanical motion, we demonstrate high amplitude operation of nanomechanical resonators by utilizing a highly efficient phonon generation process. In this regime, the nanomechanical resonators gain sufficient energy from the optical field to overcome the large energy barrier of a double well potential, leading to nanomechanical slow-down and zero frequency singularity, as predicted by early theories . Besides fundamental studies and interests in parametric amplification of small forces, optomechanical backaction is also projected to open new windows for studying discrete mechanical states, and to foster applications. Here we realize a non-volatile mechanical memory element, in which bits are written and reset via optomechanical backaction by controlling the mechanical damping across the barrier. Our study casts a new perspective on the energy dynamics in coupled mechanical resonator - cavity systems and enables novel functional devices that utilize the principles of cavity optomechanics.