Please disregard my above solution. It did help, but it did not permanently solve the problem. I bought another 1 TB HD to use for Photoshop scratch. I discovered that my USB hub was causing a huge memory spike, so I disconnected it. I also reverted to my Apple mouse, and disconnected my wireless mouse. All of this helped, but I'm still running really hot and I don't know why. I reinstalled Mavericks, have run disk diagnostics, have trashed preferences, have started in safe mode, and I have removed all of my nonessential USB peripherals. I am now using an Apple keyboard and mouse. I cannot figure this out. I did purchase a 2 TB internal hard drive, but I'm in the middle of a work deadline, and I don't have time to install it. Considering it's a RAM issue more than a hard drive issue, I don't think that will solve the problem anyway (although I did need to upgrade my hard drive, anyway).
I just bought a new iMac in March, and prior to that I was using a really older model (I was holding out for a Mac Pro desktop, but had to bite the bullet and upgrade before I had the money to buy a Mac Pro), and I running Snow Leopard with half as much RAM and half the hard disk capacity. I use Adobe CS, and even though it was it was somewhat slow, I could still have Photoshop, Illustrator, InDesign, and Firefox open simultaneously. I now have twice as much RAM, twice the hard disk capacity, and an external 1 TB drive that I'm using for Photoshop scratch, and I'm having kernel panics.
Something is amiss. It's not a USB peripheral, and I don't think it's a system extension, but I could be wrong.