Ram17, thank you for NOT just posting a random link with EVERY "could be" fix. Changing the ram preview to 0 offered no change however, closing down Vegas then holding down Ctrl+Shift whilst opening Vegas worked! Apparently all I needed was to reset Vegas. I am using 17,000MB of Ram to render. The total Memory being used is 83%. Looks like I need more ram!
 

Vegas is behaving strangely. After I got it to successfully render and tried to render again and it gave me the error again. This time the total Memory being used never got above 85% and it still gave me the error. grrrr

Where is your pagefile and how much space is available?

How do I locate my pagefile? I found my Virtual Memory. Total paging file size for all drives: 7630MB.

The pagefile is hidden. To see the pagefile, you have to show hidden and/or system files in the Windows Control Panel.

Does Windows manage virtual memory?

I had this issue pop up at one point out of nowhere, in spite of my 32 gig RAM. Increasing my page file did not solve it though, Ram to 0, disabling GPU during render helped.

It might be something wrong with GPU drivers or plugins used in the project. Never seen anything like this (VP15) and while rendering the Vegas memory is not increasing. And I only have 16GB RAM and fixed pagefile that stays relatively small (~2GB) for ages.

I just got one of these in Crashy VP17 for NO REASON. Was rendering a 1.2min short at low resolution, that I had done many times already, and out of the blue, low memory error? Immeidately, checked ram, sitting about 1/4 used out of 32GB, my preview was already set to zero, and I havent gotten this bombout again after a couple more tests. what the freak, man????/

Keep in mind low memory doesn't necessarily mean low system memory, it could also mean low video memory.

I tend to agree with @fr0sty. In the past, disabling GPU acceleration solved my "low memory" problem.

Sometimes dialing back GPU usage on other plugins that may be using the GPU can fix it as well. For instance, limiting the amount of VRAM neat video can use has helped me get rid of this error back when I was using a 4GB GTX 970.

dynamic RAM=0 is my recommendation