Yes, my video card has 128 MB of memory.
Is it possible to somehow optimize the EWA_VisualWorld.pak mod so that my video card can handle it?
Added 1 minute ago
Could you please provide more details about the error? There's a mod that replaces the Ogre model with the one in the screenshot, and it has this bug. It would be helpful to fix that mod.
Added 2 minutes ago
The system's bitness doesn't affect it, I understand. The game's executable is still 32-bit. How much RAM do you have on your computer? And what video card do you have?
Added 12 minutes ago
TO EVERYONE WHO LOVES WINDOWS XP AND OTHER 32-BIT ARTIFACTS
(those who are forced to use them, just keep this in mind):
Let's figure out what the problem is. To do this, let's see what Google says:
For 32-bit Windows, the total virtual memory limit is 4 GB (as is for 32-bit processors). 64-bit versions have a limit of 15 to 256 TB, depending on the version. However, any version of Windows divides the total address space into two parts: user mode – memory available to applications, and kernel mode – memory used by the system. And, while 64-bit applications get 8–128 GB, x32 applications get only 2 GB (actually ~1.7-1.8 GB). When this limit is reached, the application will issue an error and close, or simply "crash" without any warnings.
The 4GT memory setting function
For Windows x86, there is an official "hack" that allows you to redistribute virtual memory, giving applications up to 3 GB, while reducing system space to 1 GB. This is called 4-Gigabyte Tuning.
For Windows XP/2003 – by adding the /3GB key to the Boot.ini file

For Windows Vista/7/8 – the command BCDEdit /set increaseuserva 3072 (Start > Accessories, right-click on Command Prompt – Run as administrator, enter and run the command).

This still won't provide a full 4 GB, and less memory will be allocated to the system, but there's nothing you can do about it on a 32-bit system.
P.S. Ideally, if you like using dead operating systems, you should know how to solve the problems that arise on them. Creating products for systems that have been obsolete for more than 5 years is a step backward. 32-bit systems only slow everything down; it's better to leave them behind, because in a couple of years, people will have forgotten about them.