There's your problem. Get a 64 bit OS. Those out of memory errors are not you running out of RAM, they are the OS being unable to allocate memory addresses because of the limitations of 32bit operating systems. Sorry there's no easy solution :/
Companies who make these games know that if they make their game easier, and make it give rewards all the time, more people will play. This was the downfall of awesome games like EQ and UO and this is the reason WoW became so popular and every MMO released now is just like that.
You obviously didn't try the event. When the portals close, everyone gets lagged to less than 1fps. I have an i7 2600 and GTX 670 and the same happened to me.
Thank you for being the only other person here with a brain. The types of people in this thread are spawns of the WoW generation - blaming others for their oversights and mistakes.