Using the Error Lookup tool that comes with Visual C++, I found that 0x80070718 is an error code with the following description:
"Not enough quota is available to process this command."
Doing a google search quickly found a Microsoft page that said:
"User Action: Close some applications and try again. If you still get this message, choose System from Control Panel, then choose Virtual Memory and increase the size of your paging file."
So apparently it is a virtual memory problem. Not too surprising, considering the problems people have been having with apparent memory leaks.