You can google for a 3gb enabler and use it for the Elemental executable for now. Remember even if you have 8gb of RAM, Elemental is a 32-bit process so it can really only use 2gb. Enabling the "large address aware" header in the executable (which doesn't actually modify it so it's fully compatible with everything) gives it more wiggle room from the OS, and some people have been posting that it helps them quite a bit.
To, twiggle on the resolutions may also help.
Thanks for the proposal.
Basically, a solution that solves the conflict causing the error would be optimal.