Currently Being ModeratedAug 18, 2012 12:52 AM (in response to Ineedhelp2)
It means what it says - you've used up most all available storage memory, and there is not enough room on the phone to record. You'll have to delete material such as other videos, photos, music etc to make room.
To check what is remaining:
Settings > General > About > Available
Settings > General > Usage > breakdown of what is stored on the phone.