If you are trying to save a graphics state of the graphics is linked to a window, I dont think its going to work.
If you initialized the graphics object somethign like this Graphics myGraphics = e.Graphics;, thats a graphics linked to the window.
If it is an ofscreen graphic then it should work.
Could you give a little more detail to what you are trying to do, there might be other ways to achive what you want.
I am making a paint program, and when drawing a line, I want a preview
of the line to be drawn. If the user does not like the line, then
restore back to the GraphicState before previewing the line.