Could you please try it with this patch, which will tell us a little more 
about what's happening (patch -p0):
--- ../2.4.9.clean/mm/page_alloc.c	Thu Aug 16 12:43:02 2001
+++ ./mm/page_alloc.c	Mon Aug 20 22:05:40 2001
@@ -502,7 +502,7 @@
 	}
 
 	/* No luck.. */
-	printk(KERN_ERR "__alloc_pages: %lu-order allocation failed.\n", order);
+	printk(KERN_ERR "__alloc_pages: %lu-order allocation failed (gfp=0x%x/%i).\n", order, gfp_mask, !!(current->flags & PF_MEMALLOC));
 	return NULL;
 }
 
-
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