Seems obvious that you just don't have enough memory to spawn a user process to wrap the procedure.

Reducing the shared_pool should free up some of that memory .. and you'd think it would be available contiguously.

What OS are you running and how much memory do you have?

If you're on NT, can you stop some services to free up some memory, then give it another try?

There's quite a few posts on metalink about this error and the replies don't look too promising.