Just to close the loop, it works on my 2GB laptop running XP SP3 (with other programs hogging memory ALL the time... Oh! AND I do not have any dedicated memory for graphics either - you know what that means... Yes, I have a day job that pays for my hobby...).
Another thing, FoCal actually did a test and ran the 1.4 version on a 1.5GB VM and got back to me. I was impressed by their responses. At least 4 responses to my mails on this topic alone!