Hello sailorvenus
If you have your Page File set to allow Windows to change the virual memory size on-the-fly, AND your hard disk is full or very fragmented, then the page file might not be able to change fast enough to keep up with Windows, which gives you the Virtual memory too low error. Try defragmenting the hard drive.
You could also increase your VM setting and purchase more RAM for your system. How much does your system have?