This error keeps cropping up recently. A few of the hosts I work with upgraded (finally … ) to PHP 5.3 and it may have something to do with it. First off, it usually means you can’t log into your WordPress admin. Worse, your site might not be visible. If you can’t get into your WP admin, here’s an easy fix.
In your wp-config.php file, add this line:
define('WP_MEMORY_LIMIT', '64M');
If you’d like more complex solutions, there are more solutions to memory exhausted issues at Likoma.