There are some options you can consider.
# Clear up memory by closing running applications. (this can be done also by restarting the computer and not starting new applications)
# Buy more memory : you should be careful which memory type you buy because it must be compatible with your system. (If you have enough money and your computer is kinda outdated you can also consider buying a new one with more and faster memory.)
There is a whole site dedicated to preventing minecraft running out memory, including many guides on the causes and fixes of the error. I've included the link in the Related Links section for you.
The Xbox Live Arcade says it is 113.21 MB
When Minecraft says "Minecraft has run out of memory" it means you glitched or something like that but if it says it a lot it probably means you don't have everything up to date in your computer. One time I blew up a HUGE hole with tnt. It almost went down to bedrock! Anyways I filled it almost to the top with tnt and blew it up. Right after that it said "Minecraft has run out of memory" and it slowed down my computer like ten times. I could never get back onto that world so I had to delete it.
Move the world into the memory stick in .minecraft
Steve was not a random name but a memory of someone in Minecraft.
How to fix ram, or temporary memory, that says no memory?
minecraft pe is slow
The amount of memory that is says is the formatted memory, not the actual memory.
You can restart minecraft. Usually if it says out of memory, don't go to menu and play again, because i am sure that it will go out of memory, very soon. You can search on google on how to increase RAM on your minecraft client. Try to minimize entities (Doors, Mobs, Minecarts etc) and drops. Putting video settings to the simplest also helps. There is a whole website dedicated to help prevent this error, I've included the link in the description to all of the fixes that they suggest.
Update your minecraft.
No, but you can put it on a floppy.
Because you have a really bad computer and minecraft is using all of the memory.
Do a force update.