Buckets are the individual tiles that TG renders to build the whole image. In this case the initialisation of one or more buckets failed because it couldn't find enough free memory on your system to allocate a large enough image buffer for that bucket. If your scene is using a lot of memory, or other programs running on your system are using a lot of memory, then this is more likely to happen simply because they are using up memory which might otherwise be available to the renderer. Another factor which can affect this is how long your computer has been running without a restart, although the first two factors are usually the most important.
How much RAM do you have?
Matt