Damn, as much as I posted this one should think it can be found easily via the Search:
MPC 2500 OS 1.23And yes, I guess when handling a 7 minute sample (!) it is normal to run out of memory. Take a look at how big that file is...I guess something around 70 MB? As a rule of thumb, you should have about twice as much memory available as the size of the sample when doing editing operations, or it will produce problems. My guess is the MPC tries to store a copy of the sample during the process, and in the case there's not enough RAM left for that, it aborts with an error.
How much memory you have left on your flash card has absolutely nothing to do with that.