This is a clean install of vBulletin on a test server sitting in my office... So it's the default smilies, etc. that come w/ vBulletin. The gallery is installed and up and running, but even if I go and run just the update images options, it still bombs.
This is on a dual 800mhz Pentium III box w/ 1.5 GB of RAM. There's nothing else running on it and it's not under a load.