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Default Running low on resources

We are running Office 2003 pro on XP pro and my CFO keeps getting the message
that 'Excel is running low on resources' when he is trying to open another
spreadsheet and it is causing him problems. He is able to work on other
applications or even another instance of Excel with no problems so it does
not seem to be an hardware issue.

Is there a fix for this?

Any suggestions?
 
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