Hari, you either need more RAM or you need to upgrade to a 64bit computer.
There isn't really anything else you can do. Your 60mb RAM filesize isn't indicative of the ammount of memory needed to load and display your drawing, and the models it references. For drawings especially, it's not uncommon for the SolidWorks process to use 2gb of RAM or more. On 32bit systems, 2Gb is the most memory Windows can assign to any process and as a result 32bit operating systems can't really use more than 4Gb total-including video memory.
A 64bit processor and Operating system doesn't have this limitation.
Hope that's useful information.