XP problems resolved. There was a conflict between the newer versions of Opera (30.0.1835.125 and the Betas) and my firewall, Online Armor. Problem was discovered with an attempt to load the latest Beta. Result was same as before, 'Out of Memory' error. This time I disabled the firewall and tried again...success! There's was nothing in the firewall configuration to indicated a conflict. Everything looked normal. Re-enable the firewall and tried opening Opera Beta again..same problem, so I added the Beta file to 'Exclusions' and the browser opened properly. With the browser left open I removed the Beta file from the exclusions, closed the browser and re-opened. Everything runs fine now.
I repeated the process with Opera stable and Opera 30.0.1835.88 updated properly to 30.0.1835.125.

We'll see if the conflict continues with the next update. At least there's a work around if needed.