Host Memory Low issue?

[LiveWithVirtual]

Hello,

Virtual Box : 4.2.8
Host Computer : 3GB RAM
Guest OS that I am trying to install : ubuntu-12.10-desktop-i386.iso
Guest OS memory allocation : 1385MB out of 3072MB
Allocated Virtual Hard Size : 32GB

During installation, got error and stopped...

Console: VM runtime error: fatal=false, errorID=HostMemoryLow message="Unable to allocate and lock memory. The virtual machine will be paused. Please close applications to free up memory or close the VM"

Am I supposed to reduce the Guest OS memory allocation??
Doesn't make sense why I am getting HostMemoryLow error message.
If you have any idea to solve this issue, please share with me.

Thanks,

[stefan.becker]

Post the log file => VBOX Gui, select guest, right mouse button, show log.

[Perryg]

As an attachment please!