@chmee, you were right, the last value I saw in task manager was 1556 Mb, then it crashed.
Tried the 1.7.2. -- still not able to load all the files. I loaded less files, allocated approx 1GB of ram, but after I hit convert (16 bit) it crashed.
So for now, I have to stay with the 1.5.x version, since I work with tons of data many times a year.