This same error has been plauging me for several months now. Windows 7, 12GB RAM, 2TB C: drive w/ 1.5TB free space and 6TB total on computer. Wish I would have kept track when this started. All I can confirm is that this error has been happening for more than 4-5 months.
Pure speculation is iTunes is not doing a good job with "Trash Collection" and old term for cleaning up memory leaks.
I'm a heavy user and often have multiple projects I'm working on so I only reboot my computer once every month when Microsoft updates come out. Each evening I put the computer to sleep. (Lazy I know, but I don't have time to wait for everything to boot up and reload from scratch each day... *sigh*).
Don't know what stats help Apple but here are some additional stats:
Total of 11,019 songs
60.39 GB of music
5 movies - 7.27GB
16.2GB of TV shows
0GB of radio
Files:
iTunes Library Extras.itdb 800KB
iTunes Library Genius.itdb 98,164KB
iTunes Library.itl 2,820KB
iTunes Music Library.xml 17,525KB
The error message in question will pop up after 2-3 hours of playing music.
If I close iTune and re-open the message will go away but return within the 2-3 hour window.
Tis a pain in the arse.... hopefully Apple is monitoring these discussion groups and is working on a solution.
Okay.... off to reboot iTunes for the Umpteenth-gillionth time..... *sigh*.