There is insufficient system memory to run this query Error: 701, Severity: 17, State: 116.

SQL 2005 SP3 64bit, 48GB of memory, I have min memory=0 max memory=40GB, mem per query 1024KB, AWE is off. I am only getting this error when I run a query that creates a few namespaces. Any ideas on what to do next? I have about 20 namespaces in query and 4 joins.

select a.contentId as "mfid",
 [xml].value('declare namespace ns1=http://schemas.datacontact.org/2004/07/DGIC.Serviceone.MediaProc.Data;