I am pretty sure that this is not a supported option. The software supports multiple processors and/or cores in the same box but it all needs to see the same memory.
Karen: Bill is correct but another option you can do for your students is "remote solve". That is, you can push the job from the student's computer to another big-boy computer to perform the solution. The big-boy can be a 64-bit systems with lots and lots of RAM, and of course all students can share it for solving (kind of like the old IBM 360 days when we students had to submit a 'job' on a deck of cards to solve on one computer that everyone shared). Just use keyword "remote" in Flow Simulation "Search" tab of the Help file and you will find instructions. Fairly simple. Good luck.