Finally, I have just put together a new DAW pc based on a quad core Q6600, Abit P35pro mobo and 8GB (4x2GB) of Muskin 800MHz ram.
I have installed Win2003 32bit as it has built in extensions that could see up to 64GB of ram, still in 32bit, if I remember correctly.
After the installation of the utilities (antivirus, firewall, ati center, etc) the system overhead is about 350MB ram and it idles at about 0 to 1%.
I opened a new project in Cubase and I have created 96 mono audio channels. (yeah right!) Then I started to put in the first insert on each channel a Waves IR1-full reverb. Then I went to insert the 33rd it wasn't inserted. I didn't occur to me at the moment that the total memory was about 1,95GB of ram. CPU usage about 48% evenly spreaded on all 4 cores.
Than I started to insert SSL channel strips on the second insert from the start. I have succeeded to insert 18 channels. It wouldn't allow me any more.

Now the CPU usage about 50% evenly spreaded on all 4 cores. Again the memory was about 1,97GB of ram.
Is there a Cubase specific limit in memory usage or is it an OS related thing?
PS. I am aware of the XP limit that's why I have opted for Win2003.