Newbie: Uploading Theme Problems

I’m brand new to WordPress so please excuse my inexperience.

I just downloaded the Twicet theme for my portfolio site.

I keep receiving the following error after uploading the zip file in WP

Fatal error: Out of memory (allocated 62914560) (tried to allocate 13488669 bytes) in /home/www123/public_html/blog/wp-admin/includes/class-pclzip.php on line 4215

I have no idea what this means, I have tons of free memory on my web server

Can anyone help? Thanks.

I’m running WP 2.9.1 on a Mac OSX.