VS Express Web on Windows 8.1 - Getting Out of memory exception

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VS2012

ASP.NET4

While running default web forms VS 2012 application, getting an out of memory exception.

This is occuring in debug and release mode and on initial load itself on my development machine.

Even I'm getting the same error on a new asp.net (default) application

I already looked at the solutions for similar issues on other threads and none of them worked in this scenario.

Can some one help me on this?

 Exception of type 'System.OutOfMemoryException' was thrown.
Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code.

Exception Details: System.OutOfMemoryException: Exception of type 'System.OutOfMemoryException' was thrown.

Source Error:

An unhandled exception was generated during the execution of the current web request. Information regarding the origin and location of the exception can be identified using the exception stack trace below.

Stack Trace:
HttpException (0x80004005): Exception of type 'System.OutOfMemoryException' was thrown. System.Web.HttpRuntime.FirstRequestInit(HttpContext context) +9885060 System.Web.HttpRuntime.EnsureFirstRequestInit(HttpContext context) +101 System.Web.HttpRuntime.ProcessRequestInternal(HttpWorkerRequest wr) +456\

Version Information: Microsoft .NET Framework Version:4.0.30319; ASP.NET Version:4