A couple things to try:
1. Can you post the vi in question?
2. You can use the vi profiler to see which aspect is using the memory over time. Turn it on under Tools->Advanced->profile vis, check "Profile Memory Usage" and then run the program.
3. Which OS are you using? What is your hard drive free space? What is your physical memory size. For NT based windows OSs (NT, XP, 2000, ME) the Task Manager will also give you memory statistics (ctlr-alt-del to bring it up). In 95/98 you can get the same info using the Start Menu->Accesories->System Tools->System Monitor.
Hope it helps!
~js
2006 Ultimate LabVIEW G-eek.