I had 3Gb free on the scratch disk.
Unfortunately I was not able to send az error report. I mean I clicked on the appropriate button but nothing happened. (Next time I'll copy the error messages.)
I restarted the system and defragmented the partition for good measure. FForge worked like a charm while consumed 450 Mb of memory.
But I didn't stop there!

I disabled all page files, loaded a few images to PSP, and feed FForge a 4Kx4K texture to blur. PSP ate 600Mb alone, FForge started processing the image. The mem consumption rocketed up to 750 Mb, then fell back to 140 Mb and the I got one of the errormessages I saw previously:
<class XFW::Kernel::StdException> bad allocation
Windows was also whining about "low on virtual". I dismissed both error messages and to my surprise FForge kept working on the image. It showed a few "bad allocation" ocasionally, but eventually finished the preview and also applied the effect to the final image. FForge has the edurance of a cockroach.

Well done guys!