Can you open the PSD in another application, like Photoshop?
What colour space/mode is the PSD? Make sure it's RGB.
What are the pixel dimensions of the PSD?
Does this happen with any other PSDs, or just the one?
In Photoshop, try using Save As and save a new copy of the PSD. Does the copy import to AE?
Also, tell us how your memory is allocated.
Check the PSD in Photoshop. It may simply have some odd color profile or weird combinations of layer groups, clipping masks and all that... Re-organize the document and flatten stuff where possible then.
Yes, I've done my own experiments before posting.
It can definitely open in Photoshop with no problem. It's in RGB format with 8 bits/channel.
However, when I bring it into AfterEffects it's just the one file that's difficult.
The reason why may be because it IS an intricate PSD file with many masks and layers - equalling out to many compositions (as Mylenium pointed out).
I have 12GBs of RAM on my PC now and 8GBs are accessible to AfterEffects. When I bring it up though, it summons more than 10GBs before giving me the 29 :: 3 error.
I know this because I have my Task Manager up as it loads.
I didn't know a file that size could require so much.
It's not so much the file size as it is the horizontal & vertical resolution of the photoshop document. AE has a limit of 30,000 pixels in either dimension. You could be violating that limit.