I have seen this problem before and not found a permanent fix yet.
However, for an immediate temporary fix, try lowering the available memory to Photoshop.
1. Choose Edit > Preferences >Performance.
2. In the Memory Usage section, decrease the Let Photoshop Use percentage, and click OK.
3. Restart Photoshop.
Here are some other optimization tips:
http://kb2.adobe.com/cps/4
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by: joefreedomPosted on 2009-07-14 at 12:02:58ID: 24852927
In regards to your page file, i've always heard that we should set a custom variable for 1.5x the amount of RAM you have for the low, and 3x the amount of RAM for the high value. Not sure if it is 100% accurate or necessary but maybe someone else will chime in.
om/kb/1269 62
om/kb/2539 12
Some other ideas:
"Out of Memory" error message appears when you have a large number of programs running:
Desktop heap in the WIN32 subsystem is depleted
http://support.microsoft.c
"Out of Memory" Error Messages with Large Amounts of RAM Installed:
reduce the maximum amount of memory that Vcache uses to 512 megabytes
http://support.microsoft.c