PHP Fatal error: Out of memory

I am on a web server: IIS 6, PHP 5.3 and MySQL.
I received this fastcgi error:

FastCGI Error
The FastCGI Handler was unable to process the request.
________________________________________
Error Details:
•      The FastCGI process exceeded configured activity timeout
•      Error Number: 258 (0x80070102).
•      Error Description: The wait operation timed out.
HTTP Error 500 - Server Error.
Internet Information Services (IIS)

So I have my admin set the following:

php.ini:
Max_execution_time = 1800

Fcgiext.ini:
RequestTimeout=1800
ActivityTimeout=1200
InstanceMaxRequests=10000
EnvironmentVars=PHP_FCGI_MAX_REQUESTS:10000

Then, I got this error:

PHP Fatal error:  Allowed memory size of 134217728 bytes exhausted (tried to allocate 469342568 bytes)

So, then I have him increase the memory_limit for php.ini to 1G.
But I am still running an out of memory problem.  I am retrieving data from a table that have over 600K records.

My php page:

$mysqli = @new mysqli('localhost', 'user', 'pass!', 'database');

$sql = "select * from table";
if($result = $mysqli->query($sql))
{
    echo '<pre>';
    var_dump($result );
    echo '</pre>';

}
else
{
      die("Error in adding investor address: ".$sql." ==> ".$mysqli->error);
}

die("help!");