Hey I'm low virtual memory and my max program is iexplorer.exe which turns out to be system tray and is needed. It also takes up only 48,540k.
What do I do??

Try rebooting Windows.

If you still see the dreaded "Your system is low on virtual memory" message then the first thing to do is make sure your computer is configured to allow Windows to automatically manage the virtual memory. In Windows XP, follow these steps:

# Click Start, then open the Control Panel.
# Click Performance and Maintenance, and then click System.
# Click the Advanced tab.
# Under Performance, click Settings.
# Click the Advanced tab.
# Under Virtual memory, click Change.
# Under Drive [Volume Label], click the drive that contains the paging file (virtual memory) settings that you want to change. In almost every case, this will be your C: drive.
# Click to select the "System managed size" option, then click Set.
# Click OK three times and restart your computer.

From: Low Virtual Memory