Running out of LowMem with Ubuntu PAE Kernel and 32GB of RAM
Solution 1:
The problem is that a lot of the kernel data structures such as the page descriptors (one struct for every 4KB page in the system) need to be in low memory. So as the total memory in the machine goes up, more and more low memory is also needed, and eventually low memory becomes a very scarce resource.
IIRC the usual rule of thumb is that 16 GB total is about the upper sane limit for a 32-bit kernel. There's not very much you can do about it.
You can try to boot with less memory (mem= command line parameter to the kernel). But the real solution is to switch to a 64-bit kernel.