The zend_vm_execute.c file includes the whole executor and compiling it can easily consume more than 100 MB of memory. The suggested oslution is to compile on a box with more memory. If that - for whatever reason - is not possible you might try to disable compiler optimizations (take the command which is printed on your screen and replace -=2 with -O0 and run it manually) which will hurt your performance or you can try using another VM implementation using one of these options:
--with-zend-vm=CALL
--with-zend-vm=SWITCH
--with-zend-vm=GOTO
But that agian might hurt oyur performance and give other trouble. As said: Get a box with more meory and compile there to be safe - you don'T have to compile on the system you're running PHP on as long as the libraries used are using the same version.