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That's odd! This error should only happen when you run out of free space or your system is low on resources. Regarding resources, you may have tons of RAM but still run out of resources. It's something which has to do with the way the system handles file opens etc.

First check if you're running out of disk space on the partition where your site is stored.

If you have enough free space, try setting the following configuration options:
Minimum execution time: 1 second
Maximum execution time: 120 seconds
Runtime bias: 65%

If this still doesn't help, please try quitting as many applications (including those running as tray icons) and services as possible.

Go to the Configuration, find the Archiver Engine drop down and click "Configure..." next to it. A new pane opens below. Set the part size for split archives to 10Mb. If this still doesn't work, you have a resources issue on your machine and I don't think I can do much to help :(

Nah, Akeeba Backup has pretty much the same resource requirements. Over the years the peak memory usage increased from 9 to 16Mb, but that largely depends on the amount of files you're backing up. Given your settings you don't have this kind of resources. I was actually talking about something entirely different.

Windows has a finite number of resource handles. These are pretty much free spots which Windows uses to address specific system resources, such as files. I've seen that in some cases older versions of Windows (like XP which you're using according to the log file) tend to display a bug: file resources are freed after about 5 minutes, not right after the file is closed. This makes long backup operations, which do cycle through a lot of file open/close operations, to fail because of lack of system resources. Sometimes I've had luck switching to a different pre-packaged server environment (WAMPServer, Zend Server CE, Uniform Server), some other times the only way to work around this issue is using a newer version of Windows.