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How to fix RVM exhausting Virtual Memory on VPS?

I'm trying to install ruby via RVM on an Ubuntu VPS with only 512 MB memory. When running rvm install 1.9.3 I get the error: ERROR: Error running 'make ', please read ...
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make out of memory

Using gcc to make mono 2.8 from source on a CentOS 5 VPS with 128mb RAM, and it seems to be hanging. The result of free-m shows all memory has been used. $ free -m total used ...