Over a time, I have run into the "Failed to Allocate Memory" error many times, but after finally figuring it out, I am glad to be able to share what I found. This error sometimes comes when you try to access PJ64, and is widely known about. If you get this error, PJ64 will not be able to run until it is fixed. When recieving the "Failed to Allocate Memory" error, follow these instructions:
This is assuming WinXP is being used, however, the instructions will be similar to earlier versions.
1. Use Ctrl + Alt + Delete
2. The Windows Task Manager will come up.
3. Open the "processes" tab.
4. Search the list for a process titled "PlgUni.exe"
5. Click on the process, then click on "end process".
6. Windows will then ask you to confirm the process termination.
7. Click "yes".
PJ 64 should work now.
PS: Even after performing this action, I have still run into the problem a few times, but just repeat the steps and it will be fine.
Hopefully it will solve this problem for everyone else as it has me.
Happy New Year!