Wanted to add this problem and its solution to the collective.
Problem:
A sequence of reel 2 of a feature suddenly not opening with Final Cut displaying two error dialogs, one after the other:
General Error 34 and Out of Memory.
Final Cut does not quit, and other reel's sequences open normally.
Config:
FCP 4.5, three indentical 2.0G5s, 4GB RAM, 12TB Xsan, 10.3.9, Xsan 1.1
Solution:
Because all versions of the reel going waaaay back were displaying the same behavior, it was reasonable to assume a corrupt movie file. Instead of going through each file and playing them one by one, I used the excellent iView application to create a catalog of all the 2000+ dailes files. iView creates a thumbnail of each clip, and corrupt files are easily spotted beacuse iView cannot create this thumbnail. After deleting the corrupt file, the reel 2 sequence opened perfectly, with that one clip now offline.
Thoughts:
Its too bad Final Cut doesn't handle corruption better. If iView developer (one guy) can write his app to not choke on a bad files, it stands to reason the Apple engineers would also not depend on the file being perfectly formed. Perhaps it is assumed the file is perfect for speed reasons, as I can imagine checking the integrity of every clip would slow loading the timeline down. However, something other than generic, unhelpful error messages need to appear when files do go bad.