You’re running out of memory because of the 32 bit OS memory limitations.
However, you may be able to get GW2 to work without crashing by adding the 3 Gig memory switch.
Do the following to enable the 3G switch:
1. Right-click Command Prompt in the Accessories program group of the Start menu. Click Run as Administrator.
2. At the command prompt, enter “bcdedit /set IncreaseUserVa 3072” (without quotes).
3. Restart the computer.
If you want to disable the 3G switch:
1. Right-click on Command Prompt in the Accessories program group of the Start menu. Click Run as Administrator.
2. At the command prompt, enter “bcdedit /deletevalue IncreaseUserVa” (without quotes).
3. Restart the computer.
Alternatively, you can try lowering your graphics settings.