Original User: crafty762
Are you using the ArcSDE applicaton service to connect to the geodatabase? Usually, I/O means that the service is not responding or accepting new connections and it must be restarted. Before doing this, copy your giomgr log file to a backup location to review its contents before you restart the service (restarting the service clears out the log file).
The out-of-memory error you provided may be a bit harder to troubleshoot. However, depending on the specific version/service pack/patch level of ArcGIS you are using, the following bug may apply in your situation:
NIM010472 - Post fails when editing the DEFAULT version and a feature class registered with the move edits to base. "The version could not be posted. The current version does not support editing (base, consistent, or closed) [An open transaction was detected. All user transactions must be closed prior to StartEditing.] Network I/O error".