MSSQLSERVER- Insufficient Memory Available

http://support.microsoft.com/kb/316749 - have a look

Thanks for your reply, The server is having 16 GB of RAM and AWE is enabled.. the above article didnt help

The above article refers to virtual memory, not physical memory. AWE allows SQL to utilize more physical memory. There is a table below showing the different -g start up commands depending on your number of databases, try one of them and see if it solves the problem?