I have the same error .. here is what they said ...
You're still on the unstable (beta) branch of Centova Cast, and need to switch to the stable branch to receive the fixes we've been pushing out.
The problem was indeed that the log processor was running out of memory due to the heavy caching we do to reduce database access. It seems that one of your clients must (8050, I believe it was) must play a huge number of short tracks each month or something to that effect, as the number of tracks in his log file was exhausting the 128MB limit we set as an "emergency brake".
I have modified our log processing code to purge old entries from the cache as it approaches the memory limit, which should solve this issue at the expense of some loss of performance. I'll look at making the PHP memory limit user-configurable in a future release so that clients with abundant memory don't have to compromise.
The new build is available on our download servers now and you can update by running /usr/local/centovacast/sbin/update. I didn't do this for you in case you have any customizations on your server that you need to back up, etc.
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I posted instructions for doing so on the forums at the time of release, here's a link for your convenience:
http://forums.centova.com/index.php?topic=2267.0