That happens when the game runs out of RAM to use. Make sure no other programs are running and maybe even reduce a few settings. It can also happen due to world glitches.
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you have to go to start, click run, click your .minecraft folder, take the downloaded mod (it has to be zipped) click open archive, then with the .minecraft folder, you find bin go in, and open minecraft's archive, then you move the files in the mod archive folder to the minecraft archives. (some things might be wrong, but that's because i used pure memory to answer this, and i have a bad memory. )
When Minecraft says "Minecraft has run out of memory" it means you glitched or something like that but if it says it a lot it probably means you don't have everything up to date in your computer. One time I blew up a HUGE hole with tnt. It almost went down to bedrock! Anyways I filled it almost to the top with tnt and blew it up. Right after that it said "Minecraft has run out of memory" and it slowed down my computer like ten times. I could never get back onto that world so I had to delete it.
yes, tto save it tho you would have to go to the run in the bottom left corner and type in %appdata%, click roaming and save the .minecraft, and when you would like to play it, put the .minecraft back where you took it from.
yes a g50 can run on minecraft
No, but you can put it on a floppy.