BackgroundEditing the virtual Android device settings manually in Android Virtual Device Manager for the device I had named VirtNexus7.
The fix for "Failed to allocate memory: 8"?On my Windows 7 PC I had to go to: C:\Users\[User Name]\.android\avd\VirtNexus7.avd\Config.ini Edit the config file with a text editor.
In this case I had to change "hw.ramSize=1024" to "hw.ramSize=1024MB".
Also, to avoid such headaches, I would recommend that you only use the Android Virtual Device Manager's built-in virtual device presets to build your virtual device. I've never had a problem when I've used it create new virtual devices for testing.
Below are the settings from the Config.ini file that I had created manually for the emulated virtual Nexus 7 device: