Vox Studio does not rely exclusively on available memory. If it did, it would be impossible to manipulate very large voice files like, for instance, 30-minute recordings. Vox Studio uses your hard disk and temporary files as a scratchpad area. This is invisible to the user, except for the obvious disk space requirement.
Still, for Windows to run comfortably without too much disk swapping, we recommend a minimum of 32 Mbytes of RAM, and 64 Mbytes or more would be a better idea. You can get it to run with less, but you will not be very happy with less. This is really a Windows performance requirement, not a specific Vox Studio need.