[SOLVED] Mem_Alloc: out of memory

Yesterday I've set up everything, downloaded Xonotic from git and compiled it following this guide. Assembling it went just fine, but I'm occasionally experiencing Xonotic crashes now and then, mostly when starting the game and going straight onto server with several players. Nothing like that did happen when I used this Xonotic 0.1 Preview version prior to git one.
As I mentioned, game crashes mostly when joining server for the first time, while it's precaching all resources. I didn't notice any specific file that may be the cause during precache. Here is the screenshot of that erroneous message. It may refer to different source files (often points to image.c for example).
Crashes seem to occur more seldom as I lower texture quality in settings, though they don't completely disappear.
I'm using Windows 7 x64 to compile and launch the game. I've 12 Gb of RAM, and even though I use x32 binaries which means a limit of about 3.5 Gb, I've never seen Xonotic approaching that threshold. So I wonder where's the problem. Poking around on forums/bugtracker/google gave me nothing. Is it only me with this issue?
My other PC specs, if needed:
CPU: Core i7 920
Graphics: ATI Radeon HD4890 (always latest drivers)
Xonotic ver: xonotic-v0.1.0preview-161-g1c24c08 test build

32bit binaries already break down at 2GB. In seldom cases more is allowed, but cannot be relied on.

Please use the x64 binaries to resolve this.

Xonotic needs 2 GB of RAM? what the HELL? ^^ (I'm not surprised if it took 500GB VRAM, whatever, just use picmip x to resolve). But this is not good, as you'll lose the players as playerbase who just have 2 GB RAM and thus the xonotic binary won't even get 1.5 GB (or well, maybe not lose them, but they'll wonder why their harddrive goes crazy after they closed Xonotic, as their OS will have parked everything there)

Textures need to be allocated in normal RAM as well AFAIK.

Xonotic releases include compressed textures, which takes care of not breaking the 2GB limit. GIT builds, however, do have uncompressed textures.

Confirmed x32 binaries as a culprit, 64bit binaries work flawlessly.