Ok, I just started having this issue. Mac Pro, 8GB of RAM, almost 300GB of free hard disk space, running Lion. When I run top in the terminal, it shows me that the virtual memory space has a vsize of 351GB! Here is the output from top:
SharedLibs: 12M resident, 5528K data, 0B linkedit.
MemRegions: 31931 total, 1959M resident, 67M private, 865M shared.
PhysMem: 1233M wired, 2813M active, 1108M inactive, 5154M used, 3036M free.
VM: 351G vsize, 1118M framework vsize, 4773741(0) pageins, 1341714(0) pageouts.
I checked my swap files in /var/vm and there are about 40 1GB files in there, so I don't see how the virtual memory can be reported at 351GB. I'm going to do a reboot to clear the issue up, but it looks like some kind of bug reporting in the size of the virtual memory that makes the OS start to complain about a perceived lack of hard disk space available for swap files.