When ever you open Photoshop and attempt to do anything in it.
"Could not complete ____ (depending what you're trying to do) There is not enough (RAM) Memory"
To fix this issue you'll need to go the user's Preference's folder in their Library, note that the library is hidden see http://support.miad.edu/entries/22114602-how-to-get-to-the-library-in-lion-and-mountain-lion for how to get to it.
Users > michaelpetrella > Library > Preferences
Make sure Photoshop is NOT running. Insert the flashdrive labeled Photoshop Preferences and copy and paste all those files into the Preferences folder and click "yes replace all". Startup Photoshop and it will run fine.