iTunes 7.0.2 Memory Problem

I have googled this over and over and over again. But I cannot find a solution as to how to fix this on going problem of: 'the itunes application could not be opened. There is not enough memory available.' I have tried putting iTunes and the install packages in the trash and then reinstalling it again. Tried closing other processes in order to free up more memory even though I have 512mb of memory. Are there any other solutions anyone can come up with as my 5G ipod only supports 7.0 and above.
Cheers

Check/repair your permissions? (in apps/utilities/disk utility)

Cheers for reply.
Just tried it and no luck with that either...

I had the exact same problem when I tried to install Iridium for iTunes on my MacBook. Only problem is that Iridium doesn't work for 7.0 yet, so it gave me that same error message. I erased everything associated with iTunes including the library files, reinstalled it and now it works again. So your best bet is to delete the whole app like you've done, but also delete the library and preference files with it. Hope that helps you out.

Ok, I'll check that out next time I'm in front of it.
Cheers