A family of Microsoft spreadsheet software with tools for analyzing, charting, and communicating data.
Check out the Microsoft provided page that was put together specifically to try to help address (no pun intended) these seemingly memory related problems:
http://support.microsoft.com/kb/2779852/en-us
With your 8 GB RAM you should be well above any normal needs - the system I'm on has 12GB and I seldom see more than about 3.6-4.0 GB in use regardless of what's going on. Excel and other Office apps will use up around 2 GB, the rest being used by other programs running and the OS itself. That's where increasing above the 2 or 4 GB point helps: gives some room for other things to go on without beating the drive to death swapping needed processes in and out of memory.
Even if you piled on the entire possible 192GB or RAM in a 64-bit system, you can still run out of 'resources' - some portions of various applications (and Excel is one of them) have a pre-defined limit for use of some memory areas such as stack space. Once you hit that limit, all the RAM in the world is of no use to you.
Now, I've never tested this theory but I often wonder in cases like this where a person is having to open multiple files to get at all of the data if linking to that data might not be a better option. Let's say Book1 needs to reference a bunch of stuff in just one sheet of Book2, but it needs to be done using some function that requires Book2 to be open. What if you added a sheet to Book1 and then simply 'directly' linked the cells on that sheet, 1-to-1 with the cells of the sheet in Book2. In other words, in Book2's new sheet in cell A1 you'd put a formula like =[Book2]DataSheet!A1 and then just fill right and down as far as needed to pick up all data from Book2. Then in Book1 you'd set things up to use that new sheet instead of the sheet in Book2. Tradeoffs are that by not having to open Book2, you save some memory and resources at the expense of the behind the scenes activity keeping the links between the workbooks open.