To be honest, it all depends on the final size of your renders. It's approximately (x resolution * y resolution * 96 bits * number of buffers required). Unfortunately, I've no idea what the number of buffers are that Lightwave uses internally.
For most cases, you should have no problems if you set it to 128Meg or 256Meg unless you're doing extremely high res renders for print (in which case just up it some more).
Just bear in mind that the more RAM you have put aside for segment buffers, the less you have to play with for Images, other apps, etc...
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