How to fix an Out of Memory Error message in Final Cut Pro 6 or 7 Studio

How to fix an Out of Memory Error message in Final Cut Pro 6 or 7 Studio. Video Text Below: Typical Causes of the Error: - An Unusable or Bad Project (Corrupt Project File) - Incompatible content in the Project (i.e. unsupported video, audio, image formats) - Incorrect Sequence Settings (i.e. incorrect compressor selected or resolution settings) - Issues with the Timeline - Bad Final Cut Pro Preference File (plist) Resolution: - Open and Autosave Version of the Project - Nest the Sequence in a New Project - Export the project using File - Export - Quicktime Movie and then Import the video file into a new sequence (however, this method will finalize what is in the timeline to a video file and editing this file will be limited) - Copy the Clips into a New Sequence - Use Supported Video Formats (i.e. convert the video file or audio file to a better format like Apple Pro Res or .WAV .AIFF for Audio) - Change to a Supported Sequence Setting - Create a New Project