Since there is no official support concerning this error, users recommend Bluestacks re-installation or at least upgrading it to the latest version. You can either use the official installer from the Bluestacks page or the WiKi page on the XDA Developers: http://forum.xda-developers.com/wiki/BlueStacks_App_Player
Additionally, go to Start > Run > Regedit. Navigate to the Local Machine > Software > Bluestacks > Guest > Android. Double-click the memory, switch to Decimal and insert 1024. Restart Bluestacks and it might work this way.