ASP.NET 2.0, Event ID 1334 error

While trying to troubleshoot a BackupExec error I came across this error in my app event log. I get approx 75 of these messages every second. I've scoured the net but none of the sites reference what this error is referring to.
Other Info:
Server is also the DC, file server and print server
W2K3 R2 standard ed. SP2
.NET 2.0 and 3.0 are installed
IIS is running for Symantec Endpoint Protection

Here's the event message
=======================================
Event Type:      Error
Event Source:      ASP.NET 2.0.50727.0
Event Category:      None
Event ID:      1334
Date:            3/13/2009
Time:            12:19:56 AM
User:            N/A
Computer:      SERVERNAME
Description:
Failed to initialize the AppDomain:49ec0bd9_precompile

Exception: System.SystemException

Message: Failed to create AppDomain.

StackTrace:    at System.Web.Hosting.ApplicationManager.CreateAppDomainWithHostingEnvironment(String appId, IApplicationHost appHost, HostingEnvironmentParameters hostingParameters)
   at System.Web.Hosting.ApplicationManager.CreateAppDomainWithHostingEnvironmentAndReportErrors(String appId, IApplicationHost appHost, HostingEnvironmentParameters hostingParameters)

InnerException: System.OutOfMemoryException

Message: Exception of type 'System.OutOfMemoryException' was thrown.

StackTrace:    at System.AppDomain.nCreateDomain(String friendlyName, AppDomainSetup setup, Evidence providedSecurityInfo, Evidence creatorsSecurityInfo, IntPtr parentSecurityDescriptor)
   at System.AppDomain.CreateDomain(String friendlyName, Evidence securityInfo, AppDomainSetup info)
   at System.Web.Hosting.ApplicationManager.CreateAppDomainWithHostingEnvironment(String appId, IApplicationHost appHost, HostingEnvironmentParameters hostingParameters)

For more information, see Help and Support Center at http://go.microsoft.com/fwlink/events.asp.
====================================