to reproduce it, i create a small emtpy html document. then i evaluate the
following expression:

(dotimes (i 100) (browse-url-of-file))

This causes emacs to start opening the file using google chrome. In the
task manager, i can see emacs' memory usage go up by about 5 megabytes each
time a tab is opened. When it opens about 30 tabs, emacs is using 138
megabytes of memory, and it gives the error below.
the translation is something like this: "ShellExecute failed: Storage space
insufficient to process this command"
My harddrive has enough storage space btw.

I was able to reproduce this bug 3 times. I ran emacs with -Q on windows 8.
Im using emacs version:
GNU Emacs 24.4.1 (i686-pc-mingw32)
 of 2014-10-24 on LEG570

Debugger entered--Lisp error: (error "ShellExecute failed: Espacio de
almacenamiento insuficiente para procesar este comando.")
  w32-shell-execute("open" "file:///c:/Users/mario/Desktop/x.html")

browse-url-default-windows-browser("file:///c:/Users/mario/Desktop/x.html"
nil)
  apply(browse-url-default-windows-browser
"file:///c:/Users/mario/Desktop/x.html" nil)
  browse-url-default-browser("file:///c:/Users/mario/Desktop/x.html" nil)
  apply(browse-url-default-browser "file:///c:/Users/mario/Desktop/x.html"
nil)
  browse-url("file:///c:/Users/mario/Desktop/x.html")
  browse-url-of-file("c:/Users/mario/Desktop/x.html")
  browse-url-of-buffer()
  (while (< i --dotimes-limit--) (browse-url-of-buffer) (setq i (1+ i)))
  (let ((--dotimes-limit-- 100) (i 0)) (while (< i --dotimes-limit--)
(browse-url-of-buffer) (setq i (1+ i))))
  (dotimes (i 100) (browse-url-of-buffer))
  eval((dotimes (i 100) (browse-url-of-buffer)) nil)
  eval-expression((dotimes (i 100) (browse-url-of-buffer)) nil)
  call-interactively(eval-expression nil nil)
  command-execute(eval-expression)

In GNU Emacs 24.4.1 (i686-pc-mingw32)
 of 2014-10-24 on LEG570
Windowing system distributor `Microsoft Corp.', version 6.3.9600
Configured using:
 `configure --prefix=/c/usr'

Important settings:
  value of $LANG: ESM
  locale-coding-system: cp1252

Major mode: Fundamental

Minor modes in effect:
  tooltip-mode: t
  electric-indent-mode: t
  mouse-wheel-mode: t
  tool-bar-mode: t
  menu-bar-mode: t
  file-name-shadow-mode: t
  global-font-lock-mode: t
  blink-cursor-mode: t
  auto-composition-mode: t
  auto-encryption-mode: t
  auto-compression-mode: t
  buffer-read-only: t
  line-number-mode: t
  transient-mark-mode: t

Recent input:
<help-echo> C-x C-f <backspace> <backspace> <backspace>
<backspace> <backspace> <backspace> <backspace> <backspace>
<backspace> <backspace> <backspace> <backspace> <backspace>
<backspace> <backspace> x . h m l <backspace> <backspace>
t m l <return> C-k C-k C-k C-k C-k C-k C-k C-k C-k
C-k C-k C-x C-s M-: <up> ( d o t i m e s - <backspace>
SPC ( i SPC 1 0 0 ) SPC ( b r o w s e - u r l <tab>
<backspace> <backspace> <backspace> b u f <tab> ) )
<return> C-a <S-down> <S-down> <S-down> <S-down> <S-down>
<S-down> <S-down> <S-down> <S-down> <S-down> <S-down>
<S-down> <S-down> <S-down> <S-down> <S-down> <S-down>
<S-down> <S-down> <S-down> <S-down> <S-down> M-w <help-echo>
e i <return> <help-echo> <help-echo> <help-echo> q
C-h C-a <down> <S-down> <S-down> C-c <help-echo> <help-echo>
<help-echo> <help-echo> <help-echo> M-w M-w <help-echo>
<help-echo> <help-echo> M-x r e p o r t - e m <tab>
<return>

Recent messages:
Wrote c:/Users/mario/Desktop/x.html
user-error: Beginning of history; no preceding item
Entering debugger...
Mark set
End of buffer [6 times]
Saved text from "Debugger entered--Lisp error: (error "Sh"
30 (#o36, #x1e, ?\C-^)
Back to top level.
Mark set
C-c M-w is undefined

Load-path shadows:
None found.

Features:
(shadow sort gnus-util mail-extr emacsbug message format-spec rfc822 mml
mml-sec mm-decode mm-bodies mm-encode mail-parse rfc2231 mailabbrev
gmm-utils mailheader sendmail rfc2047 rfc2045 ietf-drums mm-util
help-fns mail-prsvr mail-utils mule-util help-mode easymenu debug
browse-url sgml-mode time-date tooltip electric uniquify ediff-hook
vc-hooks lisp-float-type mwheel dos-w32 ls-lisp w32-common-fns
disp-table w32-win w32-vars tool-bar dnd fontset image regexp-opt fringe
tabulated-list newcomment lisp-mode prog-mode register page menu-bar
rfn-eshadow timer select scroll-bar mouse jit-lock font-lock syntax
facemenu font-core frame cham georgian utf-8-lang misc-lang vietnamese
tibetan thai tai-viet lao korean japanese hebrew greek romanian slovak
czech european ethiopic indian cyrillic chinese case-table epa-hook
jka-cmpr-hook help simple abbrev minibuffer nadvice loaddefs button
faces cus-face macroexp files text-properties overlay sha1 md5 base64
format env code-pages mule custom widget hashtable-print-readable
backquote make-network-process w32notify w32 multi-tty emacs)

Memory information:
((conses 8 82170 4244)
 (symbols 32 17933 0)
 (miscs 32 88 151)
 (strings 16 12976 3656)
 (string-bytes 1 327227)
 (vectors 8 10094)
 (vector-slots 4 391999 3862)
 (floats 8 61 285)
 (intervals 28 398 48)
 (buffers 508 15))