I've just discovered the same problem with editing materials: If I attempt to call up the materials menu, same OOM/crash.

In summary, calling up either the Load Object menu or Load Material menu results in a instant OOM error/crash.

I've been fooling with Options settings, but still nothing makes a difference.

Here are my system specs:

Intel Pentium 4 640 HT 3.20 GHz
Windows XP Pro SP2
2GB Dual Channel DDR2 SDRAM at 533MHz (2x512M)
512MB BFG NVIDIA GeForce 9800 GTX+ OC
Dual monitor setup -
    Primary: Digital Flat Panel (FPD1175W)
    Secondary: Analog Monitor (ViewSonic P95f+ 19 inch Ultrabrite CRT)
DirectX 9.0c
Sound Blaster Audigy2 ZS
Creative I-Trigue 2.1 3300 Speakers
Logitech MX 518 Optical Mouse
Saitek Gamers Keyboard USB