Here is another $0.02 on the matter. Given that the process is 32-bit, it has access to ~4.3 GB of addressable space. This includes graphics memory. Depending on how graphics versus engine memory are partitioned (or not), one side could be choking the other.
One of the many reasons systems migrated to 64-bit.
Due to a typo in the system, the area was accosted by the Daedric Prince Moar Lag Brawls.